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Suppliers count losses as Brand Outlet goes into liquidation

Trade creditors are set to lose £270,000 after Wembley-based discount retailer Brand Outlet filed for voluntary liquidation. 

On 24 August, it appointed administrators from Parker Getty to wind up the business with total liabilities including director debts totalling £3.9m.

Trade creditors account for £271,595 of debts, employee claims total £19,100 and pension contributions are £760. 

Suppliers owed money from the business include Vivienne Westwood, which is owed £7,740, Goat Fashion (£9,584), Joseph (£19,106) and VF Northern Europe (£9,252).

Brand Outlet was founded in 2004 as Somi, and offered luxury brands at discount prices via its website brandoutlet.com, which is currently inactive. Setup by Kumar Khanna and Rohit Khanna, who are listed as directors, Brand Outlet’s majority shareholder is Intraport Limited. Intraport lists Kumar Khanna and Rohit Khanna as directors.

Other outstanding liabilities owed to directors and other affiliated companies include £1.4m in director investment, £1.01m in an inter-company loan from Intraport, and £1m to shareholders.

A statement of assets shows it had £1.4m in stock at book value, although this is not given a recovery value. 

Other assets included tangible assets of £18,179, book debts of £17,602 and £2,000 in the bank at the time of liquidation.

The estimated total assets available for preferential creditors stands at £4,495.

Parker Getty has been ed for comment.

 

 

 

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