Prince Edward's financially-ruined building firm, CJ Sims, the family-owned business that went bust refurbishing the film producing royal's 50-room Surrey mansion, is to be broken up.
Receivers Leonard Curtis last week told creditors that £1.65m will be raisedselling off the company’s East London base, but ‘preferential and unsecuredcreditors’ claims total very much more.’
CJ Sims, who employed a 90-strong worforce out of Rotherhithe specialising inluxury refurbishment, went into receivership in January after a £600,000 disputewith the Prince and wife Sophie over repairs to their grandiose Bagshot Parkhome.
Administrative receivers and Leonard Curtis partners Keith Goodman and StephenSwaden said they had hoped to sell the business ‘as a going concern.’
Goodman explained: ‘However, it quickly became apparent that this was not in thebest interest of the creditors, especially as the freehold site is now worthvery much more than had been thought.’
The Rotherhithe plant and its machinery now face sell-off, and planningpermission could be sought to guarantee change of use.
Goodman added: ‘There are outstanding payments due from several large clientsand we are actively pursuing those.’