THE LIQUIDATION of outdoor furniture importer Li-Lo Leisure Products sees its lender and shareholder owed most, according to statutory filings.

The Essex based importer, which also traded from premises in Lincolnshire, was placed into the hands of liquidators Wayne Macpherson and Louise Baxter of Begbies Traynor on August 25.

Though its floating charge means the Bank of London and the Middle East Plc will swallow up the bulk of the forecast asset realisations — £149,283 out of £204,744 — the lender faces a predicted deficit of nearly £2.5 million.

Half a dozen other creditors face five-figure shortfalls according to the Statement of Affairs document filed at Companies House.

Li-Lo is a wholly-owned subsidiary of R. Maskell Limited, a Romford registered investment company. R. Maskell's investment in Li-Lo had a book value of £5.0 million at the time of its last filed accounts. It has other fixed assets and joint ventures worth an additional combined £7.2 million. There is no suggestion that it is affected by Li-Lo's liquidation.

Li-Lo is a long-established supplier of outdoor furniture to customers such as supermarkets and other major retailers, including via Amazon and WorldStores. It lost £197,484 on sales of £8.4 million in 2015, its latest filed accounts, and its top line, other than the latest reported year, had been winding down in recent years.

In the past decade, it routinely generated annual sales north of £20 million, while its 2001-recorded £33.7 million is its highest turnover on public record. Begbies Traynor offered no comment and directors couldn't be reached.

For more, see The Debt Report, Sep. 14, update

To read the full story: