BusinessBusiness RecoveryMK One creditors to get 1p in £1

MK One creditors to get 1p in £1

Administrators' report reveals scale of debts owed by discount retailer.

Unsecured creditors of MK One, the discount retailer which collapsed into
administration in May, will receive a maximum of 1p in the £1, administrator
Deloitte has warned.

The retailer owes suppliers and other creditors more than £50m,
the
Telegraph reported.

The report says the company made a pre-tax loss of £20m in the year to
January 2008, despite sales increasing to £123m, up from £118m the year before.

Further Reading:

Read
the Telegraph story

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