Shock at level of debt of Bradley Group firms

Bradley Group firms owed millions 

Print Week are reporting that insolvency proceedings are underway for two former Bradley Group companies in Belfast after delays caused by pension issues.

Jo Francis reported: “Scott Murray and Tom Keenan of advisory firm Keenan CF have been appointed as joint administrators of Nicholson & Bass by Upstream Capital, which held a qualifying floating charge over the business.

“Separately, a creditors’ meeting regarding Quinns Belfast (2009) held last week was adjourned due to a technicality and reorganised for the beginning of this week (21 October) instead. The liquidation of Quinns Belfast (2009) is being handled by James Kennedy of JBK Accountants.”

She said that unsecured creditors were owed over £3m with the Bradley Group and there was unpaid wages and other benefits of a quarter of a million pounds owed to the workers.

Print Week reported: “The business was sold for £1 to John McGrath, with the report stating that cumulative issues including Brexit, rising paper prices and the closure of its Liverpool factory had resulted in substantial losses.”

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