Administrators for Ravenhead, which discovered fictitious invoices worth half a million pounds in the glassmaker’s accounts, said its collapse came as a surprise to Belgian parent Durobor, who had little idea of the scale of its financial problems.
Ron Robinson of Begbies Traynor, one of the company’s administrators, confirmed reports that police had been informed of two invoices for fictitious orders at the company which closed last week after a creditors’ meeting.
The company, which supplied beer glasses to a number of leading pub chains, went into administration in November.
The fictitious invoices were given to finance firm NMB-Heller, which has since recovered the money. Robinson said that the company had been experiencing problems for some time, but had not informed its parent until it was too late.
‘The problem was unexpected for the parent company,’ said the administrator.
‘They felt they were let down,’ he said, explaining that Durobor was not informed until just before the administration. He added: ‘If the parent company had been aware earlier, they could have done something about it.’
Robinson went on to say that: ‘The lack of the communication was more on the UK side because the Belgian company was not kept informed.’
He also confirmed that there was no qualified accountant supervising the operations of the UK company. Although Robinson found the accounts were not ‘a shambles’, he said the UK management had not been altogether accurate in their accounting: ‘They always took the optimistic view of things, which turned out to be incorrect.’
Robinson is now urgently seeking a buyer for the business for which there have been expressions of interest.
More on Begbies Traynor can be found at www.begbies-traynor.com
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