Nearly 50 Scarborough companies stung by Pindar’s collapse to the sum of more than £202,000, have been warned they are unlikely to get their money back.
Pindar and Sons Ltd and Pindar Plc went into administration in 2011 owing almost £114.5 million in total.
The companies were in the red with 1,008 creditors, 46 of which were from the Scarborough area.
An update from the administrators states that though they have been successful in raising £14.7 million to return to HSBC, there is likely to be a shortfall in other repayments.
The biggest hit taken by local firms was at Eastﬁeld based haulage ﬁrm TEF Transport, owed £87,695. Castle Employment Agency, based in York Place, was also stung with losses of £36,025.
Money is also outstanding to public funded organisations including Scarborough Council and Scarborough and North East Yorkshire Healthcare Trust.
After being called in administrators KPMG had to sell or close Pindar Plc’s ﬁve divisions in order to make attempts to repay creditors.
They raised £2.5 million through the sale of Pindar’s main Scarborough operation – web offset and bindery division to York Mailing.
The sale of the cartography business based in Aylesbury raised £22,500, while the management team of the York-based Agility software division bought the company, and the shares of Pindar North America for £217,500.
Pindar’s Preston operation was closed, however £405,000 was made through the sale of two pieces of equipment.
The company’s 17 vehicles were also sold, with an estimated total value of £82,200, while a personalised car licence plate which raised £2,000.
KPMG themselves are putting in a bill of £925,225, plus expenses of £17,424 for their work on both Pindar Plc and Pindar and Son Ltd.
The family run Pindar ﬁrm, which had been trading in Scarborough for 175 years, fell into administration in July 2011 after reporting losses of £1.7 million over eight months following a downturn in business.