Call centre creditors face uncertain wait as Save Britain Money faces further blow
 
Fri, 10th October 2014
 
 

Call centre creditors face uncertain wait as Save Britain Money faces further blow

By Storm Rannard, Digital Staff Writer

Unsecured creditors of Nationwide Energy Services, a company run by The Call Centre's Nev Wilshire, could miss out on millions, a new document has revealed.

It comes as another business in the Save Britain Money group entered administration, although administrator Deloitte told Insider that the company was a non-trading entity.

Richard Hawes and Robin Allen of Deloitte were appointed joint administrators of Swansea-headquartered Nationwide Energy Services Ltd on 14 August 2014.

The company collapsed owing unsecured creditors £5.8m, including trade creditors and HM Revenue & Customs, which are owed £2.5m and £554,000 respectively.

The joint administrators said that after the costs of the process were discharged, they anticipate realisations of floating charge assets will be "sufficient" to support a payment to unsecured creditors, although they were unable to "quantify the likely amount at this early stage in the proceedings".

A total of 36 staff were laid off when the company collapsed, with other employees laid off during April 2014 after a major contract with one of the group's customers was terminated.

The document also revealed that Nationwide Energy Services had turned over more than £21m in the year to 31 March 2014, with earnings before interest and tax (EBIT) of £9,949 compared to a loss of £94,585 in the year to 31 March 2013.

In 2012, the company posted an EBIT of more than £1m on sales of £16m.

Last week (7 October 2014), Save Britain Money Ltd (SBM) went into administration, with Hawes and Matthew Cowlishaw of Deloitte appointed to manage its affairs.

A statement from Deloitte said that SBM was a "non-trading entity established to provide operational support and managerial services to companies in the Save Britain Money Group".

No redundancies have been made in connection with SBM.

Nationwide Energy Services was formed in 2005 to provide grant funded energy efficiency upgrades in homes.

It was the third business under the group to have failed in less than a year following the administrations of We Claim U Gain and Fuelswitch.com in November 2013.

Save Britain Money featured in the BBC Three programme The Call Centre, a fly-on-the-wall documentary following chief executive Nev Wilshere at the company's headquarters on Swansea Enterprise Park.

 
 
category Wales  |  source Insider Media