Failed internet building supplies company Building Supplies R Us is unlikely to have sufficient funds to repay the builders merchants, manufacturers and other unsecured creditors to whom it owes money.
The joint administrators have told creditors that there is likely to be insufficient property to enable a distribution to be made to unsecured creditors.
The company’s debts include debts of well over £280,000 to at least 55 builders merchants and a further debt of at least £150,000 to manufacturers. A further £366,000 is owed to banks, HM Customs and the Inland Revenue.
The administrators are still seeking a buyer for the assets of the business and the website domain.
The exceptionally high start-up costs of the business, the sudden downturn in the building market and the subsequent cashflow difficulties were partly to blame for the company’s problems, the administrators have said.
Interested parties are invited to speak to Bob Bailey at Baker Tilly’s Birmingham office on 021 214 3100.