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FdbedShopUnsecured creditors of a multi-site high street South East beds and mattress retailer will receive a final dividend under 1p for every pound owed after rejecting modifications to a CVA.


The Beds to Go (London) retail chain — which at one time regularly posted sales north of £3m and had eight shops — agreed a Company Voluntary Arrangement with creditors in the spring of 2013.


CVA supervisor Richard Segal of Fisher Partners said a proposal to reduce monthly contributions to less than half the £3,500 originally agreed had been rejected, and that the CVA had therefore failed and he would take steps to wind up the business.


Unsecured creditors received an interim dividend of 5p in the pound last autumn, he said, and would now received a further and final dividend less than half a penny in the pound on agreed claims of £567k.


Fisher Partners’ time costs at 22nd January totalled £41,626. In a report to creditors, the supervisor said £36,658, plus VAT, had been drawn on account, but that no further fees would be charged.


Aside from shareholders, the biggest creditor was the state, with HMRC having a claim of £102k and the National Insurance Fund £28k. A handful of bed industry suppliers were owed relatively modest sums.


Beds to Go (London) store locations have included shops in places such as Reigate, Tooting, Worcester Park, Ashford, Sutton and West Byfleet.



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