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Kinky Knickers creditors to miss out on £800,000 21 March 2014

Creditors of Headen & Quarmby, the manufacturer behind Mary Portas-backed Kinky Knickers, are set to lose out on over £800,000.

Headen & Quarmby entered administration in January [LINK], as a result of bad debts and a “deterioration in its cash position.”

The business and assets of Headen & Quarmby Limited were acquired a month after the company entered administration by Headen & Quarmby (UK) Limited, a newly formed business owned by former managing director David Moore.

A report from administrators at BDO details the acquisition deal was completed for £200,000, with creditors owed a total of £854,035.

Secured creditors are owed £656,578, unsecured creditors are owed £180,862, while preferred creditors such as company employees are owed £16,595.

All 33 Headen & Quarmby staff were made redundant upon the appointment of administrators.

Of the business’ four secured creditors – Barclays Bank, GMCA, Barclays Trade and Working Capital, and director Hazel Moore – only Moore, who is owed £30,000, will be paid back in full.

The report states there will be “no surplus available for preferential and unsecured creditors.”

Headen & Quarmby Limited carried out an operational restructuring December 2011, supported by retail guru Mary Portas before featuring in her TV show Mary’s Bottom Line.

In February Portas said: “I was so sorry to hear about the issues H&Q had in January. I’m thrilled they’ve had the confidence and the vision to re-build.”

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