BusinessBusiness RecoveryFarepak parent company owes £80,000 to directors

Farepak parent company owes £80,000 to directors

Three ex-directors at Farepak parent are owed £80,000 according to PricewaterhouseCoopers

The former directors of European Home Retail (EHR), the parent company of
collapsed savings club Farepak, are still owed just under £80,000 according to
administrators from
PricewaterhouseCoopers
.

Reports in The
Guardian
 
indicate that the news emerged after PwC arranged the
first creditors’ meeting for
European Home
Retail
.

Former EHR chief executive William Rollason, former finance director Chris
Hulland, and Sir Clive Thompson, the former chairman, are all owed money.

However, the directors are unlikely to see a penny of the £80,000. Group bank
HBOS is still owed £32m and Farepak is owed more than £54m. The sale of EHR’s
non-Farepak subsidiaries for £34m in October 2006 will not cover all the debts.

Further reading:

Farepak customers could swamp PwC meetings

Farepak loans ‘nothing to do with audit’

BDO and DTI to investigate Farepak collapse

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