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Austin Reed creditors to receive 2p in pound

Austin Reed’s unsecured creditors, including suppliers and landlords, are set to receive just 2p for every pound they are owed by the collapsed business.

Austin Reed

The unsecured creditors are owed £30.2m in total, but only £600,000 will be paid out, according to documents filed at Companies House.

Primary lender Wells Fargo’s £7.2m debt will be repaid in full.

Alteri Investors, which acquired Austin Reed shortly before it was put into administration in April, “will suffer a significant shortfall” on the £18.2m it is owed, the administrators said.

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