// Made.com unsecured creditors and suppliers to receive under 2% of the £187m owed
// Administrators from PwC were appointed to Made.com on 9 November
Made.com’s unsecured creditors and suppliers are set to receive under 2% of the £187 million owed to them after the company collapsed earlier this month.
Creditors include an estimated 12,000 customers who had already paid for items, as well as Thurrock council, which is owed £658,000 and Islington council, which is owed £110,000, while several furniture suppliers are owed well over £100,000.
They will get no more than 1.6% of the money due to them before expenses, according to administrators PwC.
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Among Made.com’s biggest unsecured creditors who will lose out are Facebook (owed £1.4 million), Google (owed about £1.7 million) and the operator of the group’s Antwerp warehouse (£1.8 million).
However, Made.com’s main lender, Silicon Valley Bank, is likely to recover nearly all the £3.8 million it is owed after fashion retailer Next bought Made’s brand and database for £3.4 million.
Employees and HMRC, which is owed £3.57 million, will also be paid in full.
About 4,500 items already on their way to customers are expected to be delivered.
Administrators said that if an order had not arrived by 25 November, customers should know it would not be coming and they should submit a claim to them.
They also said £14.5 million of stock had not be sold and was held in warehouses in the UK and Antwerp, or in transit to the UK.
Most of that will be sold through the auctioneers John Pye to raise cash for creditors.
Administrators from PwC were appointed to Made.com on 9 November.
Almost 400 people were made redundant when the company went into administration and nearly all 500 employed at the time are expected to lose their jobs.