Maplin creditors left with £285m black hole from collapse

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Maplin

Maplin’s creditors will receive just a fraction of the funds they are owed following the electronics retailer’s collapse earlier this year.

According to The Times, PwC’s progress report on Maplin’s administration so far shows Rutland Partners, who took control of Maplin in 2014, has only received £11.3 million of the £102 million it was owed as a secured creditor in the business.

It’s believed the £102 million figure relates to a series of equity investments made by a multitude of funds that were managed by Rutland, with at least £40 million of interest on loan notes that were never paid out.

PwC said it expects Rutland and other investment funds will receive up to a further £3.5 million in disbursements, meaning the total repaid figure will be beneath £15 million.

It’s thought Maplin’s unsecured creditors, who are owed £198 million, are likely to receive less than 1 per cent of their claims.

Maplin fell into administration in February with assets of £45 million, but this was mostly comprised of stock. 

The retailer employed around 2300 people and operated 219 stores.

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