MORECAMBE BAY WINES AND SPIRITS CO. LIMITED - Statement of administrator's proposals

Form: 2.17B - Statement of administrator's proposals

STATEMENT OF ADMINISTRATOR'S PROPOSALS

Filed on: 2 Apr 2013

The text below was automatically extracted from a scanned copy of the original document.

The document shown is only an approximation, it is not an exact representation of the actual document.

A lot depends on the quality of the original scan, but:

  • there is no formatting
  • some words will be incorrect
  • all numbers are shown as #
  • in fact, some bits will look like complete gibberish

PROCEED WITH CAUTION, but we hope this will give you a good idea what is in the original document

Purchase a copy of this document for only £4.99 ex vat
Your purchased version will be formatted well and be totally readable!
View other documents available
MONDAY
Rule #.## Form #.l#B
The Insolvency Act ####
Statement of administrator’s
proposals
Morecambe Bay Wtnes and Sptrtts Co ########
Name of Company Company number
Ltmtted
In the. Htgh Court of Justtce Chancery Court case number:
D#v#s#on, Manchester DtstnctReg#sty #### of ####
[fitll name of court]
(a) Inset full name(s) and
address(es) of
admen#stator(s)
-H We, (a) Dean Watson and Gary Lee of Begbtes Traynor (Central) LLP, ### Deansgate,
Manchester, M# #LY and Davtd Acland of Begbtes Traynor (Central) LLP, l Wmckley Court,
Chapel Street, Preston, PR# #BU
' Delete as applicable attach a copy of "-my/ our proposals m respect of the administration of the above company
A copy of these proposals was sent to all known creditors on
#,) [um dam I (b) ## March #### \
Srgned
D Watson
Jomt Adnurnstrator
Dated l‘l/#/I#
Contact Details:
You do not have to give any contact malformation m
the box oppose bit ft you do, rt well help Companies
Begbtes Traynor (Central) LLP
### Deansgate. Manchester, M# #LY
House to contact you rt‘ there ta a query on the form
The contact malformation that you give well be testable
rt--_ _,< . t
t Tel #l#l ### I###
to searchers of the public record _
Fax Number #### ### I### DX Number
When you have completed and styled this form please send #t to the Regtstrar #companions at
I I C#l'flPfll‘ll#§ House, Crown Way, Cardtff, CF## #UZ DX ##### Cardrff
'A##W#DKW'
A## ##/##/#### ###

® Begbles Traynor #
The affairs, business and property of the Company are being
managed by the point administrators, who act as the Companys
agents and without personal liability
Morecambe Bay Wines and Spirits Co. Limited
(in Administration)
Statement of proposals for achieving the purpose of the
administration pursuant to Paragraph ## of Schedule B# to the
Insolvency Act #### and Rule #.## of the Insolvency Rules
####

Important Notice
This statement of proposals has been produced for the sole purpose of advising creditors
pursuant to the provisions of the Insolvency Act #### The report is private and concentrate
and may not be relied upon, referred to, reproduced or quoted from, in whole or in part, by
creditors for any purpose other than this report to them, or by any other person for any
purpose whatsoever Any estimated outcomes for creditors included in these proposals are
illustrative only and cannot be relied upon as guidance as to the actual outcomes for creditors
Contents
U Interpretation
El Statutory information
CI Details of appointment of administrators
D Circumstances giving nose to our appointment
E# Statement of affairs
Cl The administration period
D Estimated outcome for creditors
Cl Proposals for achieving the purpose of the administration
D Remuneration and disbursements
U Other information to assist creditors
El COFICIUSIOI#
Cl Appendices
# Account of receipts and payments
# Directors statement of affairs
# ‘me csots and expenses
# Information about the Company and the Pre—Packaged sale of the Company's assets
and undertaking on # February ####

#. INTERPRETATION
Expression Meaning
“the Company‘ Morecambe BayWines and Spnts Co Lmiled (In Administration)
“the administration‘ The appointment of administrators under Schedule B# of the Act on # February
####
“the administrators’, “we”, Dean Watson and Gary N Lee of Begbies Traynor (Central) LLP, ###
“our', “us” Deansgate, Manchester, M# #LY
David R Acland of Begbies Traynor, # Winckley Court, Chapel Street, Preston
PR# #BU
“the Act" The Insolvency Act #### (as amended)
“the Rules‘ The Insolvency Rules #### (as amended)
“secured creditor’ and Secured creditor, in relation to a company, means a creditor of the company
“prosecuted Cledllol’ who holds in respect of his debt a security over property of the Company, and
“unsecured creditor" is to be read accordingly (Section ###(#)(a) of the Act)
“security/' (i) In relation to England and Wales, any mortgage, charge, lien or other
security (Section ###(#)(b)(i) of the Act), and
(ii) In relation to Scotland, any security (whether hentable or moveable), any
coating charge and any night of lien or preference and any night of
retention (other than a night of compensation or set off) (Section
###(#)(b)(ii) of the Act) .
“preferential creditor’ Any creditor of the Company whose claim is preferential within Sections ###,
### and Schedule # to the Act
.#.

#. STATUTORYINFORMATION
Name of Company Morecambe Bay Wines and Spints Co Limited
Trading name(s) Morecambe Bay Wines and Spints Co Limited, MBW, Cross Bay
Brewery, Booze # U, The Wineyard & Deli
Date of Incorporation ## July ####
Company registered number ########
Company registered office ### Deansgate, Manchester, M# #LY
Former registered office Newgate, White Lund Trading Estate , Morecambe, LA# #PT
Trading address(es) Newgate, White Lund Trading Estate, Morecambe, LA# #PT
(or attach a separate sheer if more than
one) ### Lancaster Road, Morecambe, Lancashire, LA# #QW
## Pnncess Crescent, Bare, Morecambe
### Garstang Road, Fulwood, Preston
Pnncipal business activities Wholesalers of wine, beer, spins aNd other alcoholic beverages
Directors and details of shares held in Name Shareholding
the Company (if any)
Peter Michael Cross Nla
Company Secretary and details of the Name: Shareholding
shares held in Company (if any)
Julie Cross Nla
Coleman Whittaker #. Roscow
Auditors
Share capital # Ordinary Shares
Shareholders MBW (Holdings) Limited
. # .

#. DETAILS OF APPOINTMENT OF
ADMINISTRATORS
Date of appointment # February ####
Date of resignation Nla
Court High Court of Justice, Chancery Division, Manchester Distnct
Registry
Court Case Number. #### of ####
Person making appointment!
application Peter Michael Cross
Acts of the administrators The administrators act as officers of the court and as agents of the
Company without personal liability Any act required or authorised
under any enactment to be done by an administrator may be done
by any one or more persons holding the office of administrator
from time to time
EC Regulation on Insolvency The EC Regulation on Insolvency Proceedings (Council
Proceedings Regulation (EC) No ####/####) applies to these proceedings
which are ‘main proceedings‘ within the meaning of Article # of the
Regulation
. #.

STATUTORY PURPOSE OF ADMINISTRATION
Paragraph # of Schedule B# to the Act provides as follows
"# (#) The administrator of a company must perform his functions WIII# the ObjeCIIlV# of-
(a) rescuing the company as a going concept, or
(b) achieving a better result for the company's creditors as a whole than would be likely if
the company were wound up (without erst being l ademonstration), or
(c) reasoning property in order to make a distribution to one or more secured or preferential
creditors
(#) Subject to sub-paragraph (#), the administrator of a company must perform his fun'oilcloth‘l$ in the
interests of the company/s creditors as a whole
(#) The administrator must perform his functions with the on;active speckled in sub-paragraph
(#)(a) unless he thinks either-
(a) that It is not reasonably practicable to achieve that objective, or
(b) that the objective Sp#Clfi#d in sub-paragraph (#)(b) would achieve a better result for the
company's creditors as a whole
(#) The administrator may perform his functions with the #I.)j€CIlV# speckled t sb-pparagraph
(#)(c) only if-
(a) he thinks that rt is not reasonably practicable to achieve either of the Ob]#CUV#S speckled
in sub-paragraph (# )(a) and (b), and
(b) he does not unnecessary harm the interests of the creditors of the company as a
whole "
.#.

#. CIRCUMSTANCES GIVING RISE TO OUR
APPOINTMENT
The Company is a long established dunks wholesaler and brewer of own beer The Company traded from
leasehold premises in Morecambe, Lancashire and supplied public houses, off licences and other
establishments in the North West of England The Company employed c## staff and annual tu mover was in
the region of £## million
The Company began to expedience financial difficulties as a consequence of working capital constraints The
Company's financial statements indicate strong financial performance but working capital was tight due to
increasing trade debtors and stock This was compounded by the removal of credit from the Company's
largest supplier in August ####
As a result, the Company experienced severe creditor pressure and on ## December #### was unable to
meet the majority of direct debit payments due to creditors
This resulted in suppliers not being paid and them being unable to supply products to the Company As a
result the Company was unable to service its customer base with a full product range and the business
effectively ceased in January #### In addition, the wages were due to be paid to the employees on
## January ####
The Company was insolvent on the basis that it was unable to pay its debts as and when they fell due The
primary reason for the Company's insolvency was the working capital constraints associated with the
increased trade debtors and withdrawal of credit facilities from the Company's largest supplier
As you will see from the information presented the Company was insolvent with minimal assets and the
business of the Company had effectively ceased
Dean Watson and Gary Lee met with the directors and management on # January #### to discuss the
current financial position of the Company and the available options The director advised that there was one
interested party, Mr Jas Narang of Narang Wholesale, who they had been in discussions with who was
interested in aoquinng the business and assets as a going concept In addition, as the Company was unable
to meet the order requirements of its customers, the Director and management entered into an arrangement
to allow Narang Wholesale to supply the customer base in an attempt to provide continuity to the customer
base to preserve the business and allow continuity to the customers to protect the trade debtors
It was agreed with the Director and management that the interest of Mr Narang would be explored whilst a
beef marketing campaign was maced out
The only alternative to this course of action was to wind down the operations and formally cease the
business In this scenario, the tangible assets would have been sold piecemeal and supervised by our
agents In addition, a collections team would have been retained by the Administrators to collect the trade
debtors It was recognised that a sale of the business and assets as a going concept would help to maximise
asset reconvenes, reduce costs (professional cost of disposal and debt collection costs) and reduce the
amount of claims made by debtors (therefore improve the prospects of recovery of the debtors) In addition
the ]ObS of ## employees could be preserved '
The potential Administrators made contact with the interested party and advised of the situation with a view to
concluding a sale in a beef period Mr Jas Narang representing an entity later to be named as Morecambe
Bay Wines Limited liaised with the proposed Administrators and due to the time constraints made
arrangements to visit the premises, meet with management and request the relevant information to enable
them to submit an offer
.#.

In addition, BTG Corporate Finance was instructed to issue a circular to a database of acquisitive clients and
professionals won act for acquisitive clients BTG Corporate Finance is a member of the Begbies Traynor
Group of Companies This circular attracted interest from several additional parties
The other potential interested parties identified by BTG Corporate Finance were recommended to make
arrangements to meet the management and obtain sufficient information to enable them to make an offer for
the business and assets Ultimately, no further parties decided to progress their interest
Mr Narang representing Morecambe Bay Wines Limited ("MBW") submitted an offer which following
negotiation was concluded on # Febniary ####
MBW offered £##,### for the stock and venous items of plant and machinery, office equipment and
computer equipment The assets have been valued by independent agents and valuers, Edward Symmons,
and the offer received from MBW was recommended to be accepted.
Certain of the plant and machinery was located at a storage facility with a company that was in dispute with
the Company As part of the transaction an element of the consideration (£##,###) is deferred until the
receipt of the plant and machinery in storage In addition, MBW agreed to pay the wages due at
## January ####
Other than the assets as detailed above, the largest asset of the Company is its debtor book and the
combination of the continuity provided to the customers and the maintenance of the debt collection team is
considered crucial to achieving maximum realisations
The benefits to creditors of the sale to MBW include the following -
## jobs saved
Significantly reduced employee claims (maximising coating charge reconvenes)
Continuity of business to protect the trade debts due to reduction of potential claims
Enhanced asset realisations
HSBC Invoice Finance UK Limited likely to be paid in full
Pinsents Solicitors LLP in Manchester were instructed to prepare a sale and purchase agreement (“SPA”) on
behalf of the Company The SPA was completed on # February #### Administrators were appointed on
# February ####
MBW continue to trade from the foamier leasehold premises in Morecambe
Further details of the sale are included at Appendix #
#. STATEMENT OF AFFAIRS
The Director has prepared a statement of affairs of the Company as at # Febniary #### which is attached at
Appendix # It makes no provision for the costs of the administration or any subsequent liquidation or
voluntary arrangement
The administrators’ comments on the statement of affairs are as follows -
Sale of business and assets
A sale of the Company's business and assets was completed on # February #### to Morecambe Bay Wines
Limited
.#.

Further details of the sale of the business and assets are attached at Appendix # of this report Please note
that this is the information which was provided to creditors in the initial letter which was circulated to all known
creditors on ## February ####
The coating charge assets of the Company were sold in the business sale on the # February #### to MBW
for a total of £##k
The sale of the business and assets provided funds of £## #k at completion with a further £## #k payable
subject to recovery of assets held at a third party site Please note that at present we are unable to comment
on the likelihood of recovery of these assets but report further in our next report
The sale at this once was recommended by our agents, Edward Symmons, who conducted the valuation of
the business and assets of the Company
As set out in the summary below, the breakup valuation of the business was £## #k (which included assets
held at a third party warehouse) This can be summonsed below
Unancumbered assets Notes Break up value
intangible assets
Customer and supplier contracts
Equipment (including third party equipment)
Motor vehicles
Stock #
CCTV equidistant #
E###
Z##
##
###
##
Sales value
E###
###
Statementomttalrs
£###
###
###
##.#
###
###
Assets subject to penance
Leased assets - - -
Total asset values ##.# ## # ## #
Notes
# The stock valuation was reversal from £##k break up var. as it was society to substantial clans for ROT. £#Okhad been seized by HMRC prior
to our #pp(XfWiIH\I and the rerrnlnlng clockwise nearing expiry dates
# The OCTV equipment was primal bsieved to be leased sequentiality transpired ms was owned
The director's statement of affairs details that the stock has a book value of £###,### and is estimated to
realise £##,###
It should be noted that we detailed in our initial creditors‘ letter that the stock had a value of £##,### ex sit
This was taken from our agents Edward Symmons valuation report dated ## January ####
It should be noted that within the stock balance of £#B#k, Retention of "Ftle creditors had made claims in the
sum of c£###k and £##k had been seized by HMRC but not written off of the ledger, leaving a balance of
£###k A number of items were also neaten expiry dates and accordingly Edward Symmons revised their
valuation of stock to £##,### in a break up scenario
In addition, a transfer of employees to the new purchaser has avoided preferential creditor claims estimated
to be in the region of £##k to £###k which would otherwise have been deductible from coating charge
realisations
As part of the sale agreement Newco will continue to assist with debtor collections and therefore the outcome
for all trade debtor realisations is expected to be improved compared to a close down'of the business
Accordingly, the sale of the business afforded a better outcome to secured and unsecured creditors than a
breakup scenario
.#.

Assets subject to invoice penance
The Directors statement of affairs details that the debtors subject to invoice penance have a book value of
£#,###,### and are estimated to realise approximately £###,###.
HSBC Invoice Finance UK Limited (“HSBCIF”) have advised that collections of £###,### have been made to
date and the remaining indebtedness was £###,### at the beginning of March ####
HSBCIF have experienced issues in the collection process in relation to disputes but currently consider that
they will be repaid by mid March ####
Subject to commitments made by major debtors being honoured, it is currently estimated that surplus monies
of c£###k may be available
We understand that HSBC Bank PLC have rights to any surplus generated from the collection of debtors
subject to a legal assignment
We have instructed our solicitors, Messrs Pinsent Masons LLP, to conform the validity of the security
registered against the Company
Trade Debtors - not subject to HSBCIF
The directors statement of affairs sets out debtors not subject to HSBCIF as having a book value of
£#,###,### and having an estimated to realise balance of £###,###
The non-invoice penance ledger at the date of our appointment amounted to c£# # million The general quality
of the ledger is poor with significant monies owed from an associated company and a high proportion of bad
and aged debts
The largest debtor is an associated company, REC Wholesale Limited (“REC”) REC owes c£###k but has
advised that it is not in a position to settle the debt We are continuing to negotiate with this debtor and will
report further in our next report
The remaining debtor book of £###k is made up of ### debtors with a significant aged debt of £###k well
over # months old As part of our collection process we have identified that c£###k of debts relate to
insolvent entities, c£###k of the debt is currently disputed and c£##k of the debt relates to non trading entities
and accounting entwines Of the remaining ledger of c£###k, £###k relates to debt over # months old
We do not anticipate making any significant reconvenes from the unencumbered trade debtors, but will
provide an update to creditors in our next report
Cash in hand
Cash on hand at the date of appointment was c£##k This has been collected by the Joint Administrators
. I _.. i».ii ~-
.#.

#. THE ADMINISTRATION PERIOD
Receipts and Payments
Attached at Appendix # is our account of receipts and payments from the commencement of administration,
# February #### to ## March ####
Pre-packaged sale of the business and assets
Creditors of the Company have been provided with information on the pre-packaged sale of the Company
business and assets as set out above and in our letter dated # Febmary ####
The information previously provided to creditors is set out at Appendix # of this report
Monies received from the pre-packaged sale amount to £##,### A breakdown of the assets sold is detailed
at Appendix # of this report
Debtors
Monies received to date from the Company's debtor's amount to £#,### ## We are continuing to pursue all
outstanding debtors of the Company not subject to HSBCIF
Cash in hand on site
An amount of £##,### ## has been received which relates to the cash at the date of appointment
Other
Following our appointment we advised the director of the effect of our appointment and obtained the
necessary information required to assist us in carrying out our statutory duties as Administrators
All statutory documents confirming our appointment were led at Court and Companies House in accordance
with Insolvency Law and we wrote to all known creditors of the Company to condom our appointment The
only remaining statutory duty of the administrator is the report to the Department of Business, Innovation and
Skills on the conduct of the director and to provide progress reports to creditors
#. ESTIMATED OUTCOME FOR CREDITORS
The sums owed to creditors at the date of appointment (as detailed in the directors statement of affairs) are
as follows -
Secured creditor
HSBC Invoice Finance UK Limited ("HSBCIF")
As at the date of our appointment, HSBCIF was owed £###,### against a sales ledger of £#,###,###.
HSBCIF have advised that collections of £###,### have been made to date and the remaining indebtedness
is £###,###
HSBC Bank PLC (“the Bank")
The Bank are owed a sum of £###,###. The Bank hold a fixed and coating charge against the Company
.# .

Preferential creditors
As a result of the sale of the business and assets and the employees of the Company transferee to the
purchaser under the Transfer of Undertakings (Protection of Employment) Regulations ####, there are no
known preferential claims
Unsecured creditors
Unsecured creditors are currently estimated to be at £#,###,###
The Directors estimated statements of affairs details that the unsecured creditors amount to £#,###,###
It should be noted that the Directors statement of affairs does not include the unsecured creditor claims of
HM Revenue & Customs In addition, the estimated value of £#,###,### includes creditors which were
longitudinally not on the purchase ledger provided by the Company
On the basis of realisations to date we estimate an outcome for each class of the Company's creditor as
follows -
Secured creditors
HSBCIF
Subiect to commitments made by major debtors being honoured, it is currently estimated that their
indebtedness will be repaid and surplus monies of up to c£###k may be available
HSBC Bank PLC (“the Bank")
Indebtedness to the Bank at appointment was £###,### this related to an overdraft
The indebtedness to the Bank is supported by a personal guarantee from Peter Cross the director and is limited
to £##,###
Returns to the Bank are estimated to be minimal from the administration
We understand that the Bank have rights to any surplus generated from the collection of HSBCIF debtors
subject to a legal assignment with HSBClF
We have instructed our solicitors, Messrs Pinsent Masons LLP, to conform the validity of the security
registered against the Company
In view of the above, we consider that the Bank will suffer a shortfall in this matter
Preferential creditors
As detailed above there are no known preferential creditors in this matter
Prescribed Part for unsecured creditors pursuant to Section ###A of the Act
Section ###A of the Act provides that, where the company has created a coating charge on or after ##
September ####, the administrator must make a prescribe part of the Company's net property available for
the unsecured creditors and not distribute it to the coating charge holder except in so far as it exceeds the
amount required for the satisfaction of unsecured debts Net property means the amount which would, were
it not for this provision, be available to coating charge holders out of coating charge assets (i.e. after
accounting for preferential debts and the costs of realising the coating charge assets) The coating charge
holder may not participate in the distribution of the prescribed part of the Company's net property The
prescribe part of the Company's net property is calculated by reference to a sliding scale as follows -
.##.

CI ##% of the erst £##,### of net property,
D ##% of net property thereafter,
D Up to a maximum amount to be made available of £###,###
An administrator will not be required to set aside the prescribe part of net property if
D the net property IS less than £##,### @ the administrator thinks that the cost of distributing the
prescribed pan would be disproportionate to the beneath, (Section ###A(#)) or
El the administrator applies to the court for an order on the grounds that the cost of distributing the
prescribed part would be disproportionate to the beneath and the court orders that the provision shall
not apply (Section ###A(#))
We have estimated, to the best of our knowledge and belief, the Companys net property, as defined in
section ###A(#) of the Act, to be c£#,### and the prescribe part of the Company's net property to be below
the prescribe minimum
Unsecured creditors
Based upon realisations to date and estimated future realisations there will be insufficient funds available to
enable a dividend to be paid to the unsecured creditors
#. OUR PROPOSALS FOR ACHIEVING THE
PURPOSE OF THE ADMINISTRATION
Purpose of the Administration
We are required to set out our proposals for achieving the purpose of the administration which in this context
means one of the objectives specified in paragraph # of Schedule B# to the Act as set out at section # of this
report above
For the reasons set out in this report, we presently consider that it is not reasonably practicable to achieve
the Obj#C\kV# specified in sub-paragraph #(#)(a), and consequently the most appropriate objective to pursue
in this case is that specified in sub-paragraph #(#)(b), namely achieving a better result for the Companys
creditors as a whole than would be likely if the Company were wound up (without erst being in
administration)
it is not considered that the Company can be rescued as a going concept The business and assets of the
Company have been sold and therefore cannot trade as a going concept In addition it is unlikely that the
Company will be rescued by a Company Voluntary Arrangement (as Amended) or retuned to the directors in
a solvent position As such, it is not reasonably practicable to achieve Ob_)#CtNe #(#)(a) being the rescue of
the Company as a going concept
The manor beneath of the administration and pre packaged sale was to preserve the status of the Company's
trade debtors, secure continuity of trade, preserve employment, minimise creditor claims and enhance the
realisation of assets
It is considered that the beneath of the strategy adopted has -
,, J v-J , I . . ,
‘ Saved ## ]ObS #
Significantly reduced employee claims (maximising coating charge reconvenes)
Provided continuity of business to protect the trade debts due to reduction of potential claims
Enhanced asset realisations '
HSBC Invoice penance UK Limited likely to be paid in full
.#-i_

Exit from Administration
Creditors’ Voluntary Liquidation
On present we do not consider that a distribution will be made to the unsecured creditors in this matter
however in the event that a dividend is available for unsecured creditors we would seek to exit via a Creditors
Voluntary Liquidation
We'do not have a general power to make a distribution to unsecured creditors and may only do so if the court
gives permission It is considered that the court will only grant such permission in exceptional circumstances
where the normal course for making distributions to unsecured creditors in a voluntary liquidation is
inappropriate Additionally, there may be matters for enquiry conceding a company's affairs which are not
within the scope of an administrators powers and which can only be property dealt with by a liquidator
Consequently, as soon as we are satisfied that we have fully discharged our duties as administrators and
that the purpose of the administration has been fully achieved, we propose to implement the provisions of
Paragraph ## of Schedule B# to the Act whereby on the registration of a notice sent to the Registrar of
Companies, our appointment as administrators shall cease to have effect and the Company will automatically
be placed into creditors’ voluntary liquidation Paragraph ##(#) provides
The liquidators for the purpose of the winding up shall be-
(a) a person nominated by the creditors of the Company in the prescribe manner and within the
prescribe period, or
(b) if no person is nominated under paragraph (a), the administrators
We confirm that as part of our proposals we propose that we act as jolt( liquidators in the subsequent
winding up of the Company Creditors may nominate a different person as the proposed liquidator provided
that the nomination is made after the receipt of the proposals and before the proposals are approved The
appointment of a person nominated as liquidator takes effect by the creditors approval, with or without
modification, of our proposals
it is proposed that for the purpose of the winding up, any act required or authorised under any enactment to
be done by the ]Olnl liquidators is to be done by all or any one or more of the persons for the time being
holding office
Dissolution
On present information we consider that the Company will have insufficient property to enable a distribution
to be made to unsecured creditors Consequently, in the event that there are insufficient realisations
available as soon as we are satisfied that we have fully discharged our duties as administrators and that the
purpose of the administration has been fully achieved, we propose to implement the provisions of Paragraph
## of Schedule B# to the Act Under these provisions, on the registration of a notice sent by us to the
Registrar of Companies, our appointment as administrators ceases to have effect, and at the end of three
months the Company will automatically be dissolved
Where an administrator sends such a notice of dissolution to the Registrar of Companies, he must also le a
copy of the notice with the court and send a copy to each creditor of the Company, and on application by any
interested party the court may suspend or misapply the automatic dissolution of the Company
.##.

Extending the administration
However, it may transpire that it is not possible to personaluse the administration as envisaged within one year of
the date of our appointment In particular, this situation will arise if we are not able to conclude collection of
the Company's debts Yet Paragraph ## of Schedule B# to the Act provides that the appointment of an
administrator shall cease to have effect at the end of the period of one year beginning with the date on which
it takes effect However, our term of office may be extended either by court order for a specified period or by
consent of the creditors for a specified period not exceeding six months It may therefore become necessary
at some future time for us to seek creditor consent to extending the period of the administration for up to a
further six months following the anniversary of our appointment in order to ensure that the OIJ]#CUV# of the
administration can be fully achieved
#. REMUNERATION AND DISBURSEMENTS
Pre-administration costs
In the period before the Company entered administration, we maced out work (“the Work") consisting of -
Identifying potential interested parties
Liaising with secured creditor on behalf of the Company
Assistance with the negotiation of the sale of the business and assets
Please refer to Appendix # of this report for further details of our involvement nor to our
appointment
The Work was maced out pursuant to an agreement made between us and the Company entered into on #
January #### (“the Agreement”) The Agreement provides for the payment of our fees and the discharge of
expenses incurred by us (“the Pre-administration costs”) in canting out the Work
The Work was maced out before the Company entered administration because it was quickly determined
that the Company could not survive in its current state and therefore action was required to attempt to
preserve value of the business and assets For these reasons we consider that the Work has furthered the
achievement of the objective of administration being pursued, namely achieving a better result for the
Company's creditors as a whole than would be likely if the Company were wound up (without erst being in
administration)
The Pre-administration costs are as follows -
Our fees are in the total sum of £##,### (please see the Analysis of Pre-administration Costs attached at
Appendix #) and expenses incurred are as follows -
Description of Expense I Amount E
BTG Corporate Hnance I £#,###
Of the Pre-administration costs detailed above, the sum of £##,### plus VAT was paid in fees and the sum
of £#,### in expenses before the Company entered into Administration by the Company There are unpaid
pre-administration costs in the sum of £##,### ## made up of fees We are not seeking approval to recover
the unpaid costs
BTG Corporate Finance are part of the Begbies Traynor Group.
. ## .

Remuneration
We propose that the basis of our remuneration be axed under Rule #.### of the Rules by reference to the
time properly given by us (as administrators) and the venous grades of our staff calculated at the prevailing
hourly rates of Begbies Traynor (Central) LLP in attending to matters anding in the administration
These proposals contain a statement by us, in accordance with paragraph ##(#)(b) of Schedule B# to the
Act, that we consider that the Company has insufficient property to enable a distribution to be made to
unsecured creditors other than by virtue of Section ###A(#)(a) of the Act (the ‘prescribe pan’ for unsecured
creditors referred to at section #) In these circumstances, it is for each secured creditor and the preferential
creditors of the Company to determine the basis of our remuneration under Rule # ### of the Rules In the
absence of an initial meeting of creditors (see section ## Conclusion, below) and the establishment of a
creditors’ committee, our remuneration is axed by the approval of the secured and preferential creditors in
accordance with Rule # ### (#A)
Appendix # sets out our arm's hourly charge out rates and the time that we and our staff have spent in
attending to matters anding in the administration since # February ####
The main areas where time costs have been incunabula are as follows
~ Completing the sale of the business and assets (appointed on # February, sale concluded on
# February ####)
- Reporting to the creditors on our appointment and the provision of information in accordance
with SIP ##
~ Attending on site and taking control of cash, trade debtor information and obtaining information
to full oUr statutory duties as administrators
- Corresponding with trade debtors in the collection process, maintaining schedules,
investigating disputes, researching debtor company insolvencies et
- Due to the incomplete Company records, aged and disputed debts additional time has been
incurred in the debt collection exercise
- Assessing potential claims and investigations into pre-appointment transactions
# Liaising with the extensive creditor base
Disbursements ‘
We propose that disbursements, including disbursements for services provided by our mi (deaned as
Category # disbursements in Statement of Insolvency Practice #) be charged in accordance with our mots
policy, details of which are set out at Appendix # These disbursements will be identified by us and subject to
the approval of those responsible for determining the basis of our remuneration
##. OTHER INFORMATION TO ASSIST CREDITORS
Report on the conduct of directors
We have a statutory duty to investigate the conduct of the directors and any person we consider to be or
have been a shadow or de facto director dung the period of three years before the date of our appointment,
in relation to their management of the affairs of the Company and the causes of its failure We are obliged to
submit confidential reports to the Department for Business, Innovation and Skills
.##.

As administrators of the Company we are required by best practice guidance to make equines of creditors
as to whether they wish to raise any conceals regarding the way in which the Company's business was
conducted nor to the commencement of the administration, or wish to bang to our attention any potential
reconvenes for the estate If you would like to bang any such issues to our attention please do so in wanting to
the address detailed at Section # of this report This request for information is standard practice and does not
imply any romanticisin or cause of action against any person conceded in the management of the Company's
affairs
Investigations carried out to date
We have undertaken an initial assessment of pre-appointment matters and potential reconvenes for the estate
in this respect and will continue to investigate pre-appointment matters which we will report further in our next
report
Should we consider that there are any matters or actions that need pursuing, we will report our endings to
creditors in our next report
Connected party transactions
We have not been made aware of any sales of the Company's assets to connected parties
Initial Creditors Letter
Please note that Peter Cross the Company's director has provided a personal guarantee to HSBC Bank PLC
which is limited to £##,###
It should be noted that this was not disclosed within the initial letter to creditors of # February ####
##. CONCLUSION
We presently consider that the Company has insufficient property to enable a distribution to be made to
unsecured creditors (other than by virtue of Section ###A(#)(a))
In these circumstances the obligation to summon an initial meeting of the Company's creditors to consider
our proposals is misapplied by paragraph ##(#) We are therefore not under a statutory obligation to summon
such a meeting unless creditors, whose debts amount to at least ##% of the total debts of the Company,
requisition such a meeting Any such requisition must be in the prescribe manner in accordance with Rule
# ## and be made within # business days of the date on which our statement of proposals is sent out The
expenses of summoning and holding a meeting at the request of a creditor shall be paid by that person. who
shall deposit with us security for their payment If no such meeting is requisitioned, then by Rule # ##(#), our
proposals are deemed to have been approved by the creditors Where the proposals are deemed to have
been approved, we will went to you to conform that is the position
.##.

In the absence of an initial creditors’ meeting we will report on progress again approximately six months after
the commencement of the administrate at the conclusion of the administration, whichever is the sooner
Dean Watson >
Joint Administrator
Date ## March ####
.##.

APPENDIX #
ACCOUNT OF RECEIPTS AND PAYMENTS
# February #### to ## March ####

Morecambe Bay Wines & Spirits Co. Limited
(In Administration)
Income and Expenditure Account
Statement of Affairs
##,###.##
##,###.##
#.##
# ##
# ##
# ##
###,### O#
##,### ##
_ #i?i&ll L
Income
Plant and machinery
Stock
Goodwill
Intellectual property
Customer contracts
Supplier contracts
Debtors
Cash in hand
Expenditure
Balance
Bank Account
Total (#)
##,### ##
##,###.##
#.##
# ##
# ##
#.##
#,### ##
##,###.##
##,###.##
#.##
##,###.##

APPENDIX #
DIRECTOR’S STATEMENT OF AFFAIRS AS AT
# February ####
#

Rule #.## Form # ##B
Statement of affairs
Name of Company Company number
Morecambe Bay Wines and Spirits Co ########
Limited
In the High Court of Justice, Chancery Court case number
Division, Manchester District Registry #### of ### # ’
[full name of court]
(a) Insen f#i]]man#(s>and Statement as to the affairs of (a) Morecambe Bay Wines arid Spints Co Limited
address(es)
on the (b) # Febniary ####, the date that the company entered administration
Statement of Truth
I believe that the facts stated in this statement of affairs are a full, true and complete statement of the
M mm dam affairs of the above named company as at (b) # February ####, the date that the company entered
administration
Full name Peter Michael Cr SS
Signed
Dated" # Febniary ## #

A — Summary of Assets
Assets
Book ES\\l'Ii#(€d to
Value RCZIISC I
A/;s§:t_s_#s%beagle§<>taxed lethargy lwuolcg I/~UA/UC€— £ £
__/:LS#L..__ZF__ __._ ___“_____,._____.__... __LQ_#_~Q ZQ-_Z. __$_###_l#—
_#@_@_; _§>¢Q#A_ T_<>_,_/_\@@c;,¢:__ ~# __¢###°r##) ..(##.#_‘?## I
. .S#»_QP.LOS . _ . .. _. - - .###» ###. ####.###”.
##s;€B .\§O#J€C-T. ## me; .#¢»s\e¢.<>sf - —“i“‘
I/>m:we/ea; —#wool/us - . . /s _
£o,#¢.~f_s C. _
lg Emu / _
Wfof _ M ~*~ ____.._’l°_ Jazz #&# ##.#%}
"s##éfvra¢L_'r#"/%né<i§T'&LiEk?£'I,.. _(s@/# ##> (l#_€s£.Tz.§..
.-/i\§##.-/#._S#&J€;#_#o ,#/QGALEZ;/}####El/#H/QEQL- - -:__.__s W:-. .
is/s#§§§§§\#?@>i§t.Z(’#fig§§t:%e#:#_-.s_#;:s;Z>.Q\l/QL. _ ####/ . / #
.._ma#_#e.w##€__#s§z£so.T#@u CwR_ /## ##% _ J
.__l’u#A>:r. .## ..€@u¢##:z¢-#Ur________.-_ #_##A#Q. _ - .-#?_SQQ_~__--.
__ s _ S€§#_OC>O,_,##.#—#.&__._.
_ __A)O,,U _/E,_L##mes_,_ , s ,_ W_»_,_____.-___./.s<>o#>c>dos_s .--.#§Q_Q<l>__-
——QiSH"‘£'#"HfiN"&" " W" --—"---“*"‘"‘
Ufithargédassets ~ A -~-####~”c#-*--
MOME
Estlmated total assets available for preferential creditors # #-_Sqq_#<?
Signature w\’~\l\/\%}\ Date S
\

A# — Summary of Liabilities
Estimated total assets available for preferential
creditors (carried from page A)
Liabilities
Preferential creditors‘-
Estimated deficiency/surplus as regards preferential creditors
Estimated
to realise
£
£
£
£sinusoid#c
£
Estimated prescribed part of net property where applicable (to carry forward) #:##
Estimated total assets available for coating charge holders
# %$#-L
£
Debts secured by coating charges
Estimated deficiency/surplus of assets after coating charges
£ <Hqc><#~
£
Estimated prescribe part of net property where applicable (brought down) K!
Total assets available to unsecured creditors
‘ ease;
£
Unsecured non-preferential claims (excluding any shortfall to coating charge
holders) '
Estimated deficiency/surplus as regards non-preferential creditors
(excluding any shortfall to coating charge holders)
Shortfall to coating charge holders (brought d Owl'l)
Estimated deficiency/surplus as regards creditors
Issued and called up capital
Estimated total deficiency/surplus as regards members
_
£ E (amiss?
Queen
‘gm;
.# £E‘?£Jtqi§
‘ (I,
Signature Date ##/ #/L K

Q
{M \ E Qé ii
m‘_<'H_OF
Ii!
IN §_§§_ T### gig _me_U_ju oh_@t_Q,_o_MVg_\/_
E# magi “Q gypsum g E#: gem“ __Q°_O:Q_~fi:w ‘E ###
E#### we ‘oz Auuogma #:# mm#EV<
mMmQAOEmM<Em >Z<&\/_OU _

M\ _ Bag eagle

a
‘W##/W§OW ff$U(kV\ WWW UWQQJA
$#? Ml “Sam ‘$#
NFT%
RH Uwnl
Q
Saw E#### #% [HO Agguwg #:#
N #:##” ‘*# g_m> #### END S _u_£ b_____#m be MO manna “__#OE< ménage
M
guess #
__OH_UO‘# MO ###
CO_summons_ £### O# E _€#_Oa as #:: (HO GO_H___#p_ we_E_N_O mks___VU__U g ####” # mug“ ‘HO #&# D# ‘*# ##;? E Ea
WEDGE“ MEEEO $###### Es mucosa #% _hos_E_# __O M### _#z#_O _um:O__:mi#\_E “£# ##### =M &s___%_ EH EOHGEO =M #g_O___ “W#: :# ‘ _#OZ
marmoreal_MO >WZ<n#OU

Creditor ,A;prioress LISL
ABSO#
ACORO
ACORO
ADNA
ALLEO
ASTOO
ATLAO
AUSTO
BACAO
BAKO#
BANKO
BARRO
BARTO
BASSO
BATEO
BATTO
BAYCO
BAYRO
BEECO
‘ BERKO
BESTO
BIGTO
BLACO
BLUEO
BOWL
BOXSO
BRAIO
BRIT##
BRIT##
BRIT##
## March #### Page # <>f#
t ,t .#,
' #,##. #-"
Gt
‘h, ‘,# V
F
AL‘-#
Y r Pr L L F .,
account name add ad#
ABSOLUTE COOL
ACORN BREWER
ACORNCLEARPR
ADNAMS PLC
ROD ALLEN I
ASTON M_ANOR
ATLAS ALARMS
AWIN BARRATT
BACARDI BROW
BAKO NORTH W
BANK TOP BRE
A G BARR PLC*
T ## J T BARTO
COORS BREWER
BATEMANS BRE
BATTLEDQVVN B
BAY CAMERA&C
THE BAY I
BEECH FORKLIFT
BERRKMAN DUT
suss countdown
ate rebuttal sort
THE BLACK SHEE
atujmouxsy a
southpaw ans
BOX STEAM ant;
s A BRAIN & co
samurai GAS * I’
animus escort
BRITVIC SOFT D
WINDERMERE P
UNIT ## MITCHE
ASH VALE ROAD
SOLE BAY BREW
# LAURESTON A
THIMBLEMILL L
#/# BLACKBURN
## RECREATION
BACARDI BROW
ROMAN WAY IN
THE PAVILION
WESTFIELD HOU
### BOLTON RO
### HIGH STREE
(GEORGE BATE
## LONDON RD
RIVERWAY HOU
CN GROUP RADI
BEECHCROFT
# BIRMINGHAM
'MiNDEIt Houss
WELLGARTH
.## PENTRICH RO
BASHALL BARN
THE MIDLANDS
THE CARDIFF BR
PAYMENT AREA
DURHAM
BRAKESPEAR PA
HEYSHAM
BRADBERRY BAL
TUXFORD
SOUTHWOLD
HEYSHAM
ASTON
DARWEN
STAMFORD
KINGS WORTHY
LONGRIDGE RD
ASHWORTH LAN
# MOLLINS ROA
ASHTON-IN~MA
BURTON ON TRE
SALEM BRIDGE
MORECAMBE R
POBOX ###
CHURCH LANE
HALESOWEN
CULIIVELL TRADI
MASHAM
GILTBROOK IND
BASHALL TOWN
HOLT
P O 'BOX NO ##
CAMBERLEY
BRAKESPEARW
-#'-~t.=i,» q.~.<
.» # ‘ # , “.u~.;~~£'.,»é\_ »~ '-ft, -
,*\ '~,¢ V l. » . .
I t ‘s
t
CIIY county
LANCS
WOMBWELL BARNSLEY
NEWARK NOTTS
SUFFOLK
BIRMINGHAM
LANCASHIRE
LINCOLNSHIRE
WINCHESTER
PRESTON LANCS
BANK TOP BOLTON
CUMBERNAULD
WAINFLEET LINCOLNSHIRE PE## # ##### ##
CHELTENHAM GLUCESTERSHIR GL## #
LANCASTER tucks
STGEORGES QU LANCASTER
WINMARLEIGH GARSTANG
‘ #
WEST MIDLAND
n RIPON NORTH YORKSHI HG# # ##### ##
NOTTINGHAM
curiousneSS LANCS
Wttrsntas
CRAWSHAY STR CARDIFF
HEMEL HEMPST
wouldst ROAD WOLVERHAMPTIVI#/V## o#é###s '
_,.A.»># # ‘H I ’
~\-m~<-’..~,. tat‘
post co telephone balance
LA# # £##
S## #H ########
£#,###
NG## ##### ## £###
IP## #] ##### ## £###
LA# #L ##### ## £###
B# SHS #### ### £##,###
BB# # ##### ## E###
PE# #E ##### ## £#,###
SO## # ######## £##,###
PR# #B ##### ## £#,###
BL# #R ##### ## £#,###
G## # ##### ## £#,###
WN# # ##### ## £##,###
DE## # #### ### £##,###
£###
£###
LA# #R ##### ## £###
LA# #L ##### ## £#,###
PR# #L ##### ## £#,###
£#,###
#### ### £#,###
£#,###
£#,###
‘ NG## ##### as »£s#
BB# #L ##### ## £###
BA## # ##### #s £#,###
CF## # ### ####- '-£###
GUS # #### ### £#,###
was osoo soi £##,###
HP# #T O### ### £##,###

BROA#
BROT#
BTBRO
BUISO
BU RTO
BUTCO
BUXTO
CADBO
CAME
CANUO
CAPI##
CARLO
CARTO
CASTO
CAVEO
CELLO#
CELL##
CE UTO
CHARO
CHATO
CHIL##
CHUBO
CITR##
CLARO
COCAO
CODO
COLM
CONCO
CONFO
CONIO
CONTO
COSTO
COTTO
## March #### Page Z of #
BROADLANDS W
BROTHERS DRIN
B&T BREWERY L
BUSINESS SERVI
BURTON BRIDG
BUTCOMBE BRE
BUXTON ENTER
KRAFT FOODS U
ELDON ST DRIN
CANUTE DISTRIB
CAPITAL MEDIA
CARLSBERG UK L
CARTMEL STICK
CASTLE INDUSTR
CAVE DIRECT LT
O# (UK) LIMITED
CELLAR TRENDS
UNIDRUG DISTR
WELLS ## VOUN
Merlin Business
CHILLI MARKETI
CHUBB FIRELTD
CITROEN CONTR
H B CLARK ‘
COCA-COLA ENT
CODORNIU UK L
COLMAN WHITT
CONCHA Y TOR
CONFEX LTD "
Coniston Brewer
CONTINENTAL
COSTCO WHOLE
COTTAGE DELIG
CHAPEL STREET
ANGLO TRADIN
THE BREWERY
##/## MOOR Sr
## BRIDGE ST
cox's GREEN
UNIT #
BOURNVILLE PL
UNIT #
#A.IULIETTE WA
# HALIFAX COUR
### BRIDGE sea
MOOR LANE,
FELLGATE
UNIT ###
SELECTAPOST ##
STONEHOUSE F
AMBER PARK ii
HAVELOCK STRE
CHATSWORTH H
#Nd FLOOR
### #ALLoiiv ##
HEAD OFFICE
WESTGATE ‘BRE
P# ox ###
VALE HOUSE ,
QUEEN SQUARE
# ASHLJRST coy
COBHAM ROAD
Coppermines R#
TRAFALGAR MIL
HARTSPRING LA
BROOKLANDS W
CAWSTON NORWICH NORFOLK
SHEPTON MALL SOMERSET
SHEFFORD BEDFORDSHIRE
LANCASTER
BURTON ON TRE STAFFS
WRINGTON BRISTOL
STADEN BUSINE STADEN LANE BUXTON
BOURNVILLE BIRMINGHAM
ELDON STREET ASHTON ON RIB PRESTON
LONDON ROAD AVELEY SOUTH OCKEND
FERNWOOD BU CROSS LANE NEWTON ON TR
NORTHAMPTON
FLOOKBURGH, GRANGE OVER S
WHITE LUND IN MORECAMBE
LARKFIELD TRAD LARKFIELD KENT
ROTHERHAM S## #BA
ASHBY ROAD WOODVILLE SWADLINCOTE,
BERRISTOW LAN SOUTH NORMA DERBYSHIRE
BEDFORD
MILLENNIUM W CHESTERFIELD S## #ND _
## LEVER STREE MANCHESTER
LUTON ‘ H
QUADRANT HO PRINCESS WAY REDHILL, SURRE
WAKEFIELD\ '# WEST vortices #
CHARTER PLACE UXBRIDGE MIDDLESEX
cLARENcE,R#A ROYAL TURINBRI KENT #
LANCASTER
LONDON WHEATLEY OXFORDSHIRE
PERSHORE Worcestershire
Coniston ' Cumbria
LEEDS ROAD HUDDERSFIELD
WATFORD HERTS
LEEKBROOK LEEK STAFFS MOORLA
‘I -#. I
NR## ##### s#
BA# # ##### ##
########
LA# #P ##### ##
#### # ##### ##
#### # ##### ##
SK## # ##### ##
### ##
PR# ## ##### ##
RM## ####s as
NG##
NN# # ##### ##
LA## # ###### #
LA# #P ##### ##
vie## ##### ##
#### # ##
DE## # ##### ##
#### # ##### ##
viii<#o ##### ##
##### ##
M# ## #### ###
#u# # I #### s##
RH# # #s### ##
wry # ##### ##
use # ##### SS
,r# # \##‘a## so
IA# #R ##### ##
#x## ##### a#
WR### ##### ##
i.A##'a ##### ##
n## # ##### ##
woes #### ###
#### # ####a ##
£###
£#,###
-£###
£#,###
£####
-£##
£#,###
£#####
£###
£#####
£###
£###,###
£##
£###
£#####
-£##
£#####
~£##
£##,###
£####
£##,###
£##
£###
-£###
£###,###
‘ £#,###
£#####
£####
£####
£#####
£##,###
£#,###
£#,###

coo
£####
cums
DANO
DARKO
#####
DERVO
#####
oscoz
omni
DUNSO
EAUXO
EHRM
EUO##
ENNEO
ENTEO
EURO#
EVERO
FATMO
£#####
FENTO
HFT##
HLT##
HNNO
HRSO#
FOOD
IFOWL
roxco
FREEO
FRESO
FROB#
FUNDO
FUNKO
## March #### Page # of #
COTT BEVERAGE
CASTLE ROCK BR
CUMBRIAN BOT
DANONE WATE
THE DARK STAR
DE BORTOLI WI
DERVENTIO BRE
BOTTLE GREEN L
BOTTLE GREEN
DRIVER HIRE I
DUNSCAR BRID
MARUSSIA BEVE
E I WINES LTD
HAYWOOD PRO
ENNERDALE BRE
ENTERPRISE BR
EUROPEAN FOO
EVERARDS BRE
FAT MEDIA LTD
JOHN E FELLS ##
FENTIMANS LTD
FIFTH WHEEL [C
FILTON BREWER
MICKEY FINN
FIRST DRINKS BR
FOOD SELLERS L
FOWLERS REMO
FOX'S CONFECTI
FREERBUTLER G
FRESHERS FOOD
FROBISHERS
FUN DRINKS
FUNKIN LTD
CITRUS GROVE S KEGWORTH DERBY
QUEENSBRIDGE NOTTINGHAM NG# #NB
# FIT# RD COCKERMOUTH CUMBRIA
INTERNATIONAL #HIGHSTREET EALING LONDON
STAR ROAD PARTRIDGE GRE WEST SUSSEX
MINCHINGTON FARNHAM BLANDFORD FO
## NEW STREET HORSFORTH LEEDS YORKSHIRE
SHEENCROFT H ##-## CHURCH R HAYWARDS HEA WEST SUSSEX
DEAKINS BUSIN BLACKBURN RO EGERTON BOLTON
Z## OLD MAEYL LONDON
UNIT ## THE IVORIES #/## NORTHAM LONDON
UNIT # HIXON I HIXON STAFFS
PO BOX ### STANDISH WIGAN LANCASHIRE
EUROPEAN HOU DARLASTON RO WALSALL
CASTLE ACRES NARBOROUGH LEICESTER
MEETING HOUS LANCASTER
FELLS HOUSE, PRINCE EDWAR BERKHAMSTED HERTS
# REAR BATTLE HEXHAM I NORTHUMBERL
# RAYRIGG RISE WINDERMERE
##A MILL RD ‘ HAILSHAM E SUSSEX
LOCAL HEROES L CORNMILL HOU Z CORNMILL FA ALTHAM ACCRI
## BARTLEY WO BARTLEY WAY HOOK # HAMPSHIRE
##a TESLA COUR PETERBOROUG LYNCH WOOD PETERBOROUG
FOWLERS BUILD -M,Ei.~Lisi'-saw'i.A 'MORECAMBE -
SUNNINGDALE R LEICESTER
PO BOX #### NOTTINGHAM .
. HNG##,-.# #### ### - # .
LEIGH STREET WIGAN LANCS
ALPHINBROOK#' IALPHINBROOK R
UNIT # STANDEN LANE
## LONSDALE R LONDON
DE## # ##### ##
##### ##
CA## # ########
W# #D #### ###
RH## ##### ##
DT## # ##### ##
##### ##
I### # ########
RH## ##### ##
BL# #R ##### ##
NW# S ### ####
N# #H ### ####
ST## # ##### ##
WN# # ##### ##
s## #######
#n##sou#w#
LA##T #######
HP##E ########
NE### #######
LA### #######
BN## i#####B#
BB##
RG## #######
PEZGF #######
#A##F #######
LE##U
WN# # ##### ##
NW# # #### ###
£#,###
£####
£####
£###
£####
£####
-£###
£#####
£####
£####
£###
£###
£####
£####
-£##
£###
-£##
£####
£####
£####
£####
£###
‘ £##
£##
£#####
£####
.£###
£###
£###
£###
EXETER EX# #R ##### ## £#,###
BUXTON DERBYSHIRE SK## # ##### ## £###
£#,###

FUZZO
GBUOI
GLENO
#####
#on#
GREEO
GREEO
H####
HALEO
HAM
HANCO
HARm
HARTO
HAWK
HAYM
HAYM
HC&#
me Ho
me H#
HsP##
HMTO
HOOK
HSBCO
HUB##
HUNTO
HYDEO
IANMO
ILKL##
IA#Aso
inter##
lent##
INVEO
ITNETO
## March #### Page # of #
FUZZY DUCK BR ## WOOD STREE POULTON IND E
GLOBALBRAND CASA LOCKOFORDLA
GLEN CATRINE # LAIGH ROAD CATRINE AYRSHI
##### ARENA CHRISTIE WAY WESTAGE
GORDON&MAC BOROUGHBNG new
GREENE KING WESTGATE ans aura ST EDMU
GREENFELDBR
H## CHEMICALS LIMEWOOD BUS RING ROAD
HALEWOOD INT THE SOVEREIGN WIISON ROAD
HAMMONDSOF WAMORDGRA PEDEYHOUEL
SHANCOCKI UNW## HEBHAMINDE
HAmBO(DUNHI ##FRONTSTREE PONTEFRACT
HMmm#w#%mmmmPnmmw
HAWKSHEAD BR MILL YARD BACK l.ANE
HAYMAN LIMITE EASTWAYS PARK WITHAM
HAYMAN our
HYGIENE CLEAN] MIDDLEGATE WHITE LUND IN
MAXXIUM UK u MAXXIUM Hou CASTLE autisms
HIGHWOOD BRE sawdust WEST BIRCHIN WAY
HI swan LTD ### TERRACE RD WALTON on TH
HMT GROUPAG WHITTINGHAM LONGRIDGE
THEHOOKNOR THEBREWERY HOOKNORTON
HSBC MERCHAN
THEHUB . . ‘
HUNTERS&FRAN HURUNGHANIB SUUVANROAD
HYDES BREWER ## MOSS LANE MANCHESTER‘
IAN MITCHELL # SUMMERLANDS ENDMOOR
‘ILKLEY BREWER THE NEW BREW ## ASHLANDS R
IMASS GLOBALL-. ##-## BLACKFRI LONDON
INBEV UK LTD * PO BOX ### ‘ PORTER TUN HO
INTERCONTINEN # SCEPTRE HOU HORNBEAM SQ
WHYI'E & MACK DALMORE HOUS ### ST VINCENT
ITNETUK COM Ll ## NEW STREET CARNFORTH
POULTON LE FYL LANCS
CHESTERFIELD DERBYSHIRE
SCOTLAND
MORECAMBE
MORAY SCOTLAND
SUFFOLK
SEACROFT LEEDS
HUVTON BUSINE LIVERPOOL
GREATWARFOR KNUTSFORD
MIDDLETONRO HEYSHAM
WESTYORKSHIR
HAMPSHIRE
STAVELEY KENDAL CUMB
ESSEX ENGLAND
MORECAMBE
STIRLING SCOTLAND
GRIMSBY
SURREY
LANCS
BAN BURY OXON
LONDON
KENDAL CUMBRIA
IKLEY WEST YORKSHIR
## /####;.-##-#. , _
‘ ### CAPABILITY LUTON
HORNBEAM BUS HARROGATE
GLASGOW
LANCS
FY# #)
S## #J
KAS #S
LA# #T
iv#O ##
IP## #
LS## #
L## GA
WA##
LA# #P
WF# #
GU##
LA# #L
CM# #
LA# #B
FK# #R
DN##
KT## #
PR# #A
OX##
SW##
M## S
LA# OF
LS## #
SE# #H
LU# #L
HG# #
G# #R
LA# #B
##### ##
##### ##
##### S#
##### ##
########
##### ##
#### ###
#### ###
##### ##
##### ##
##### ##
##### ##
##### ##
##### ##
##### ##
##### ##
##### ##
##### ##
##### ##
### ####
#### ###
###### #
##### ##
########
#### ###
##### ##
#### ###
##### ##
-£##
£#####
-£###
£####
£###
£#,###
‘£##
£###
£###,###
£###,###
£#,###
£###
~£#,###
£####
£#,###
£#####
£##
£#####
-£###
£#####
£####
£####
£###
£####
£###
‘£####
£###
~£##
£#####
£######
£#####
-£##
£###

JAMEO
JAVI##
JCHAO
IE LL##
JOHNO
JPKDO
JRGAO
KI NGO
KINGO
KOPPO
LANCO
LANCO
LANCO
LAVIN
LCRSO
umber
MAGN
MART
MASTO
MATTO
MATTO
MAYE
MBRG
MBSW
MICRO
MIDDO
######
MITCO
> # -» MOET
MOOR
MORE
MORE
MOSA
## March #### Page # of #
JAMES CLAY ## S
Jayrsh london Itd
J CHANDLER ## C
TERRA FIRMA W
HEINEKEN UK '
PREMIER DRINK
J&R GASES LTD
KINGSLAND WIN
KINGSLAND DUT
KOPPARBERG
LANCASTER THE
LANCASTER CITY
LANCASTER PAR
LA VINEA WINES
LCR SYSTEMS I
LINGWOOD SEC
MAGNERS
MARTIN FORSYT
MASTERSTAFF I
ACCOLADE WIN
MATTHEW CLAR
MAYES WINES L
DANWOOD GRO
MBS WHOLESAL
MICRONIZED F#
MIDDLETON ASS
MILLER BRANDS
MITCHELLS OF L
MOET HENNESS
MOORHOUSES B
MORECAMBE F
MORECAMBE W
MOSAIC BOARD
BROOMHOUSE I UNIT # GROVE
KNAVES BEECH LOUDWATER
NEW ABBEY HO FYFIELD ROAD
## FIELD LANE APPLETON
BARLEYCASTLE R APPLETON
UNIT # MILL ST
DARWIL HOUSE VULCAN STREET
THE WINERY FAIRHILLS ROAD
CADOGAN HOU ### LISBURN RD
## LANSIL WALK CATON ROAD
THE GIANT AXE WEST
UNIT C PERNOD WAY
### RANGLET R WALTON SUMM
##/## YORKSHIR MORECAMBE
# PENROD WAY HEYSHAM
COMMUNICATI ## LEICESTER SQ
## THORPE AVE MORECAMBE
## KING ST LANCASTER
KINGS WESTON AVENMOUTH
WHITCHURCH L WHITCHURCH
IOPRINCESS ST
HARRISON PLAC LINCOLN
#
# WARNER HOU HARROVIAN BU
## STANDARD NORTHALLERTO
ASSOCIATES HO GRIMSHAW LAN
#### CENTURY A
LANCASTER
REGUS BUS. CEN
## MOOR LANE
## GROSVENOR LONDON
# MOORHOUSE BURNLEY
CHRISTIE PARK LANCASTER ROA
WESTGATE WOR WESTGATE
PYTCHLEY LODG KETTERING
ELLAND WEST YORKSHIR
BUCKS
WEYHILL ANDOVER
CHESHIRE WA# SJR
WARRINGTON CHESHIRE
GREAT HARWO
BRADLEY HALL R NELSON
IRLAM MANCHESTER
BELFAST N IRELAND
LANCASTER LANCASHIRE
LANCASTER
HEYSHAM MORECAMBE
BAMBER BRIDG PRESTON
LANCS
LONDON
LAN CS
BRISTOL
BRISTOL
MANCHESTER
HARROW MIDDLESEX
N YORKS
MIDDLETON MANCHESTER
THORPE BARK
LANCS
##'
LANCASHIRE
MORECAMBE
MORECAMBE
NORTHAMPTON
LEEDS
HX# #
HP###
SP###
WA# #
BB# #
BB# #
M## #
BT# #
LA# #P
LA# SP
LA# #U
PRS #A
LA# #
LA# #U
WC#H
LA# #N
LA# #R
BS## #
BS## #
M# #D
LN# #
HA# #
DL# ZX
M## #
L### #
LA# #
SWIX
BB## #
NN#S
##### ##
##### ##
##### ##
##### ##
##### ##
##### ##
##### ##
#### ###
##### ##
##### ##
##### ##
##### ##
##### ##
########
#### ###
##### ##
##### s#
#### ###
#### ###
##### as
### ####
##### ##
#### ###
##### ##
##### ##
### ####
##### ##
######
#####
##### ##
£#,###
£###
£#,###
£###
£###,###
£#,###
£###
£##,###
£##,###
£##,###
£#,###
£#,###
£##
£#,###
£###
£#,###
£##,###
£##
£#,###
£##,###
£###
£#,###
£#,###
£###
£#,###
£#
£###,###
—£##
£##,###
£###
£##,###
£###
£###

MULR P MULRINE ## S
NATIO NATIONAL DRIN
NEALO NEALES WASTE
NEOP# NEOPOST LIMIT
NETHO NETHERGATE BR
OLDSO OLD SCHOOL BR
P&HSO P&H SNACKSDIR
PAGO PAGO FRUIT JUI
PAULO BOUTINOT LIMI
PESTO PESTFORCE I
PETEO ENOTRIA
PIPE## PIPERS CRISPS L
PLSMO PORT OF LANCA
PRBRO PERNOD RICARD
PRESO PREST\NICK & W
PRINO THE PRINT VINE
PROT# THE PROTON GR
PYEMO PYE MOTORS LT
RAMS RAMSBURY BRE
RAPHO RAPHEALS LTD
RECW R E C WHOLSAL
REDBO RED BULL COMP
RIBI## RIBBLE FUEL OIL
ROBIO \FREDERIC ROBI
ROCHO ROCHDALE DRIN
RUDD RUDD MACANM
RUSHO RUSH DRINKS LT
SALO# SALOPIAN BREW
SEABO SEABROOK LTD*
SHOR# SHORTS & OVER
SHSSO SHS SALES ## MA
SIBA## SIBA I
SILV## SILVER SPRING S
DONEGAL RD BALLYBOFEY
TYNE ROAD WEEDON ROAD
WALKER RD
SOUTH STREET
THE GROWLWE
WARTON
### OMEGA CO
JAKOB HOUSE
BROOK HOUSE
## CLAIFE AVEN
#-# CHANDOS P
WELLINGTON H
WEST QUAY
#-## LAMPTON
UNIT ##-### RE
### BENTHAM D CHILDWALL
RIPLEY DRIVE NORMANTON I
OVANGLE ROAD MORECAMBE
PRIORY FARM AXFORD
## NASH STREET HULME
THE OFFICES # MOUNT AVE
THE TERRACE ###-### TOOLEY
### CARNFIELD WALTON SUMM
UNICORN BREW STOCKPORT
UNITS B & D TRAFALGAR CEN
HOLYHEAD RD HANDSWORTH
UNIT# WITHINS RD
## MYTTON OAK SHREWSBURY
ALLERTON BRADFORD
MANDERSON H #### VALIANT C
PO BOX ### THIRSK
PARK FARM FOLKESTONE
WALKER OFFICE
ROMFORD
PENTLOW
CEMETARY ROA
# ALFRED COUR
# NORTHENDEN
WINDERMERE
CHANDOS ROAD
WELLINGTON W
GLASSON DOCK
HOUNSLOW
FORT PARKWAY
CO DONEGAL IRELAND
NORTHAMPTON
BLACKBURN LANCASHIRE
ESSEX
SUDBURY
SHEFFIELD
SAXON BUSINES BROMSGROVE
GATLEY CHESHIRE
CUMBRIA
LONDON
ELSHAM,BRIGG LINCOLNSHIRE
LANCASTER
MIDDLESEX
BIRMINGHAM
LIVERPOOL
NORMANTON WEST YORKSHIR
MARLBOROUGH
MANCHESTER
MORECAMBE LANCS
LONDON‘
PRESTON
CHESHIRE
BELFIELD ROAD ROCHDALE
BIRMINGHAM
HAYDOCK
SHROPSHIRE
WEST YORKSHIR \_
BROCKWORTH GLOUCESTER
N YORKS
KENT
BB# #]
RM# #
CO#O
S## #F
B## #A
SK# #Z
LA## #
NWlO
DN##
LA# OD
T\N# #
B## #F
L## #]
WF# #
LA# #P
SN# #
M## #
LA# #D
SE# ##
PR# #A
SK# ILIJ
OL## #
B## OB
WA##
SY# #U
BD##
GL# #F
YO# #
CT## #
(+###) ##
##### ##
########
##### ##
##### ##
##### ##
##### ##
#### ###
##### ##
### ####
##### ##
##### ##
### ####
##### ##
##### ##
##### ##
##### ##
##### O#
##### ##
#### ###
##### ##
#### ###
##### ##
#### ###
##### ##
##### ##
##### ##
##### ##
##### ##
£#,###
-£#,###
£###
£###
£###
£#,###
£#,###
£#,###
£##,###
£###
£#,###
£###
£###
£##,###
£###
£##
£#,###
£#,###
£###
-£#,###
£##,###
£##,###
£##,###
£#,###
£#,###
£#,###
£#,###
£#,###
£#,###
£##
£##,###
£###
£###
## March #### Page # of #

-#\\\m»i
SMALO
SMITO
SPRl##
STOR#
STRAO
STRO#
SUNDO
SUNDO
SUNDO
TASKO
TATEO
THATO
TH REO
THWA
TIMEO
TIRR##
TITA##
TOWE
TRIGO
TROU#
UBISO
UDVU
UNIFO
VAND
VIMTO
ViNO#
VODA
VOLVO
WESTO
WESTO
WHAR
WHITO
WHITO
## March #### Page # of #
SMALLBEERLTD
GLAXOSMITHKLI
SPHNGHEADBR
STORYBRANDS
STRATFORDS en
STROUD BREWE
SUNDRIES MBW
SUNDRIES WINE
CROSSBAYBRE
TASKCONSUME
TATE SMITH LTD
THATCHERSCID
THREE B'S BREW
THWAITES BRE
TIME SYSTEMS
TIRRIL BREWERY
TITANIC BREwE
TOWER EMPLOY
TMGONSNACK
mu#H#PBo
UNWEDBBCUW
DMGEOGREAT
THE UNIFORM &
VAN DIEST BEER
VIMTO SOFT DRI
WNOCEROS
VOIDAFONE LTD
VOLVO
WESTGATE serve
HWEHONSON
WHAREBANKB
WHITEWELLS LT
whorehouSe#EB
LJ\J\-IA I».-W. \¢sky ...._ ,
## KINGSWAY
### GREAT WES
OLD GREAT NOR
HIGH STREET
c/# MBW
c/# MBW
HEATHFIELD LA
SUNDELLA HOU
SANDFORD
THE BLACK BULL
P # Box ##
SYSTEMS HOUSE
RED HOUSE
HARVEY WORKS
##-## ST ANNES
ATHERTON ROA
FAR LODGE FAR
HAYES PARK
PARK ROYAL
BORROWDALE #
UNIT B ##A
LAUREL HOUSE
Fnrst Floor
PEMBRQRE HOU
NEWGATE
MIDDLEGATE '
THE BOUNDS
# BIRKETTS PLAC
# WARE ROAD
OFF SOUTH PAR LINCOLN
P O BOX ## BRENTFORD
MIDDLESEX
SUTTON-ON-TRE NEWARK NOTTS
COOKHAM BERKSHIRE
DARLASTON WEDNESBURY
CASTLEGATE MALTON
WINSCOMBE
BROKENSTONE BLACKBURN
STAR BREWERY BLACKBURN
NEWPORT ROA WAVEDON
LONG MARTON APPLEBY
LINGARD STREE BURSLEM
BLACKPOOL
AINTREE LIVERPOOL
QUERNMORE LANCASTER
HAYES END ROA HAYES
PO BOX ##### LONDON
WHITEGATE WHITE LUND
LARKFIELD TRAD LARKFIELD
WOODLANDS P ASHTON ROAD NEWTON LE WIL
Stanley Way Redruth, Cornw
BANBURY BUSIN AYNHO ROAD
WHITE LUND IN LANCASTER
WHITE LUND MORECAMBE
MUCH MARCLE LEDBURY HEREFORDSHIRE
THORNTON ROA MORECAMBE
WEST MIDLAND
N YORKSHIRE
LANCASHIRE
BB# #BU
MILTON KEYNES
CUMBRIA
STAFFS
MIDDLESEX
MORECAMBE
KENT
AO#ERBuRv ox
LANCS
WHITEHORSEB STANFORD-IN-T OXFORDSHIRE
,_..._. _ ,_ _ ..
LN# #E ##### ##
TW# # ### ####
NG## ##### ##
#### ###
SL# #S ##### ##
WS## ##### ##
YO## # ##### ##
BS## # ##### ##
BB# #L ##### ##
##### ##
MK## ##### ##
CA## # ###### #
ST# #E ##### ##
FY# #A #### ###
L# #A #### ###
LA# #E ########
UB# # '
NY## # #### ###
LA# #B ##### ##
ME## ##### ##
WA## ##### ##
TR## # #### ###
OX## ##### ##
LA# #P ##### ##
LA# #B» ##### ## I.
HR# # ##### ##
########
LA# #P ##### ##
SN# # ##### ##
£#,###
£###
E###
£###
£###
£####
£#####
£###
£####
£####
£###
£#,###
-£##
£##,###
£###
£###
£###
£###
£####
£####
£####
£#####
£##
£#,###
£####
£####
.£###
£###
..s£###
£####
£###
£###
£####

#.##. . S #.“- .,.._._ ..., ...... \’ ,... .. . #,. S . ...... .#
WINEO WINEBOX UNIT ## ELLERSLIE SQ LYTHAM RD LONDON SW# # ######## £###
WJKIO WJ KING BREW #-# JUBILEE EST FOUNDRY LANE HORSHAM WEST SUSSEX RH## ##### ## -£##
WOLV MARSTONS PLC MARSTONS HOU WOLVERHAMPT WV# # ##### ## £#,###
WORK INDUSTRIAL WO UNIT # NORTHGATE WHITE LUND IN MORECAMBE LA# #A ##### ## £#,###
WORL WORLD WIDE W ##D NOBEL ROA ELEY TRADING E EDMONTON LONDON N## # #### ### -£#,###
WRIGO WRIGHT & LOR MORECAMBE £#,###
YORKO YORK BREWERY ### MICKLEGAT YORK YO# ## ##### ## -£##,###
YORKO YORK BREWERY ## TOFT GREEN MICKLEGATE YORK YO# #] £###
Total £#,###,###
~ # ###,-:#‘# . #
## March #### Page # of#

DIRECT OR’S STATEMENT OF AFFAIRS ‘
Notes to the Director‘s Statement of Affairs
Certarn of the book debts are SUb]#Cl to a factoring/invoice cross-country agreement with HSBC
divorce Frnance UK Lrmrted
The stock and plant and machinery have been professionally valued by Messrs Edward Symmons
on ## January #### on an Open Market Valuatlon basis
Sectron ###A(#) of the Act requires the administrators to set aside the prescribe part of the
Company's net property for the satisfaction of unsecured debts “Net property‘ means the amount
which would, if rt were not for this pi'OVlSlOl"l, be available to boating charge holders (re after
accounting for preferential debts and the costs of reallocation's) The prescribed part is ##% of the
erst £##,### and ##% of the remarriage net property (up to a maximum of £###,###)
We Wlli not be required to set aside the prescribe pan of net property if
a The net property is less than £##,### _an_d we think that the cost of drstnbutlng the prescribe
part would be disproportionate to the beneath,
b Or If the net property is more than £##,###, If the provision is misapprehend by the court on the
application of the administrator on cost-beneath grounds
The claim of HM Revenue & Customs are not included within the statement of affairs However we
have received claims of £###,### ## and £##,### ## In respect of VAT and PAYE respectively
The indebtedness to HSBC Bank PLC IS supported by a personal guarantee from Peter Cross the
director and IS limited to £##,###
Creditors' claims are subtext to agreement and Wlii not be preluded by Ofl'#slough’# from the
Statement of Affairs or by inclusion in a different amount from that claimed
The estimated total deficiency, include the calculation of the prescribe part of the Company's net
property, is SUb]€Cl to the posts of administration and distribution for which no pfOVlSlOfl is made in
the statement of affairs

APPENDIX #
TIME COSTS AND EXPENSES
Remuneratron drawn will be notated to any creditors' committee appointed under paragraph ## of Schedule
B# to the Act in the absence of a creditors’ committee, details of time Incurred and disbursements drawn will
be reported to creditors in accordance with Statement of Insolvency Practice # issue#d by the Jolnt Insolvency
Commlttee on behalf of our licenser bodes
Toral time spent to date on this assignment amounts to ### ## hours at an average composite rate of
£### ## per hour resulting in total time costs to # March #### of £##,###
To assist creditors ll'# deterrence this matter, the following further informational on tame costs and expenses are
set out
DUDD
Begbles Traynor (Central) LLP’s policy for re-charging expenses
Begbres Traynor (Central) LLP’s charge-out rates
Nan'native summary of time costs incurred
Table of turned spent and charge-out value
In addition, a copy of ‘A Credttors Gulde to Admlnlstrators’ Fees (E&W) ####' WhlCh provides guidance on
creditors' rights can be obtained onlooker at wvvvv beguiles-tray nor com/credulousnesses Altematrvely, if you require
a hard copy of the Gulde, please contact my office and l will arrange to send you a copy

BEGBIES TRAYNOR CHARGING POLICY
introduction
ThIs note applies where a licensed Insolvency practitioner In the arm Is acting as an office holder of
an Insolvent estate and seeks creditor approval to draw remuneration on the basis of the time
properly spent In dealing with the case It also applies where further Informatlon IS to be provided to
creditors regarding the office holders fees foil Owing the pas Sing of a red#elution for the office holder
to be remunerated on a time cost basis Best practice guidance# requires that such InformatIon
should be disclosed to those who are responsible for approving remuneration
In addition, this note applies where creditor approval Is sought to make a separate charge by
way of expenses or disbursements to recover the cost of facilities provided by the arm and
also where payments are to be made to outside parties In which the office holder or his arm or
any associate has an Interest Best practice QUIOGFICG# requires that such charges should be
disclosed to those who are responsible for approving the office holder's remuneration,
together with an explanation of how those charges are calculated
QFFICE HOLDER'S FEES IN RESPECT OF THE ADMlNlSTRATlON OF INSOLVENT ESTATES
The office holder has overall responsibility for the administration of the estate Helshe will delegate
tasks to members of staff Such de Legation assists the office holder as It allows him/her to deal with
the more complex aspects of the case and ensures that work Is being maced out at the appropriate
level There are venous levels of staff that are employed by the office holder and these appear
below
The arm operates a time recording system which allows staff working on the case along with the
office holder to allocate thier time to the case The time Is recorded at the IndIvIdI.Ial’s hourly rate In
force at that time which Is de Tailed below
EXPENSES INCURRED BY OFFICE HOLDERS IN RESPECT OF THE ADMINISTRATION OF INSOLVENT ESTATES
Best practice guidance classrooms expenses Into two broad categories
D Category # disbursements (approval not required) - special expenditure that Is directly
related to the case usually referable to an Independent external suppliers InvoIce All
such Items are charged to the case as they are Incurred
D Category # disbursement!s (approval required) - Items of Incldental expenditure directly
Incurred on the case which Include an element of shared or allocated cost and which are
based on a reasonable method of calculation
(A) The following Items of expenditure are charged to the case (subject to approval)
v internal meeting room usage for the purpose of statutory meetings of creditors Is
charged at the rate of £### per meeting,
- Car mileage Is charged at the rate of ## pence per mile,
# Storage of books and records (when not chargeable as a Category #
disbursement) Is charged on the basis that the number of standard archive boxes
held In storage for a particular case bears to the total of all arc Hive boxes for all
cases In respect of the period for which the storage charge relates
~ Dtsplayrng properties for sale on the ‘Accelerated Property Sales from Begbles
Traynof sect Ion of the Begbles Traynor website Is charged at the rate of £## ##
Pef PF°Pei'!Y.
' Statement of Insolvency Practice # (SIP #) — Remuneratron of Insolvency office holders in England & Wales
Z
lb Id #

(B) The following Items of expenditure will normally be treated as general office
overheads and will not be charged to the case although a charge may be made
where the precise cost to the case can be determined because the Item satisfies the
test of a Category # disbursement
- Telephone and facsimile
v PrIntIng and photo Copying
# StatIonery
BEGBIES TRAYNOR CHARGE-OUT RATES
BegbIes Traynor Is a national arm The rates charged by the venous grades of staff that may work
on a case are set nationally, but vary to suit local market conditions The rates applying to the
Manchester office as at the date of this report are as follows
Standard
# May #### -
until further notice
Regional
Partner ###
Drrector ###
SenIor Manager ###
Manager ###
Asslstant Manager ###
SenIor AdmInIstrator ###
AdmInIstrator ###
Trarnee AdmInIstrator ###
Support ###
TIme spent by support staff such as secretarial, administrative and cashiering staff Is charged
directly to cases it Is not craned as an overhead
Trme IS recorded In units # minute units

SUMMARY OF OFFICE HOLDERS’ TIME COSTS
CASE NAME: Morecambe Bay Wines and Spirits Co. Limited
CASE TYPE ADMINISTRATION
OFFICE HOLDERS" Dean Watson AND Gary N Lee
DATE OF APPOINTMENT: # February ####
CASE OVERVIEW
This overview and the time posts analysis attached is intended to provide sufficient information to
enable the body responsible for the approval of the office holders’ fees to consider the level of
those fees in the context of the case
Complexity of the case
Please refer to the report and proposals for the complexity of the case
Exceptional responsibilities
There are no exceptional responsibilities to report in this case
The office holders’ effectiveness
As reported in the report and proposals a pre-packaged sale of the business and assets was
concluded on # February #### to Morecambe Bay Wines Limited for the sum of £##k To date
we have received £## #k as per the sale agreement the remaining £## #k is contingent upon
rectum of equipment held at a third party site which is disputed Further details on the pre-
packaged sale can be seen at Appendix # of the report and in the body of the proposals
Nature and value of property dealt with by the office holders’
Please refer to the proposals of and specially Appending # for details of the assets sold
Anticipated return to creditors
HSBC Invoice Finance UK Limited ("HSBCIF”)
Subject to commitments made by major debtors being honoured, it is estimated that HSBCIF
indebtedness WIII be repaid and surplus monies of up to c£###k maybe available
HSBC Bank PLC (“the Bank")
Retums to the Bank are estimated to be minimal from the Administration
We understand that the Bank have rights to any surplus generated from the collection of debtors
subject to a legal assignment with HSBCIF
We have instructed our solicitors, Messrs Pinsent Masons LLP, to conform the validity of the
security registered against the Company
The indebtedness to HSBC Bank PLC Is supported by a personal guarantee from Peter Cross the
director and is limited to £##k

in view of the above, we consider that the Bank will suffer a shortfall in this matter
Preferential creditors
There are no known preferential creditors in this matter
Time costs analysis
An analysis of time costs incurred between # February #### and # March #### prepared in
accordance with Statement of Insolvency Practice # is attached showing the number of hours
spent by each grade of staff on the different types of work involved in the case, and giving the
average hourly rate charged for each work type
Please see the time cost analysis for staff used in this case
The time costs analysis provides details of work undertaken by the office holders and their staff
following their appointment only
In addition to the post appointment time costs detailed in the time costs analysis as advised
in the body of the proposals work was undertaken prior to our appointment The work was
carried out pursuant to an agreement made between us and the Company entered into on
# January #### (“the Agreement") The Agreement provides for the payment of our fees
and the discharge of expenses incurred by us (“the pre-administration costs“) in carrying
out the work
Average
Partners Manager Senior Total Hours Time Cost Hourly Rate
Administrator
\
appointment
Time
Of the pre-administration costs detailed above, the sum of £##,### plus VAT was paid in
fees and the sum of £#,### in expenses before the Company entered Into Administration
by the Company There are unpaid pre-administration costs in the sum of £##,### ##
made up of fees We are not seeking approval to recover the unpaid costs
The views of the creditors
The Initial creditors’ letter was circulated to creditors on ## Febniary ####
Approval of fees
In the absence of an initial meeting of creditors (see section ## of the report, Conclusion) and the
establishment of a creditors‘ committee, our remuneration is axed by the approval of the secured
and preferential creditors in accordance with Rule # ### (#A)

#
###
#
Approval of expenses and disbursements
We propose that disbursements, including disbursements for services provided by our arm
(deaned as Category # disbursements in Statement of Insolvency Practice #) be charged in
accordance with our arms policy, details of which are set out at Appendix # These
disbursements will be Identified by us and subject to the approval of those responsible for
determining the basis of our remuneration
Other professionals employed #. their costs plus VAT
Our agent fees are estimated to be £#,### plus VAT for providing a full valuation of the
Company's assets Our solicitors’ fees are estimated to be £##,### plus VAT in respect of
the sale agreement and legal opinion
Staffing and management
Please see the time cost analysis for staff used in this case
EXPLANATION OF OFFICE HOLDERS’ CHARGING AND DISBURSEMENT RECOVERY
POLICIES
Begbies Traynor (Central) LLP’s policy for charging fees and expenses incur'ed by office
holders is attached at Appendix
The rates charged by the various grades of staff who may work on a case are attached at
Appendix #
SUMMARY OF WORK CARRIED OUT SINCE OUR LAST REPORT
This is the erst report to creditors Details of work maced out dung the period is detailed in the
report and proposals at Section # (Remuneration and Disbursements)

I
a as
g:
#;:
##:
# p_
# mg
# $@
# #%
g _
if
#%:
S
Gqg
##
#° £_
# #; # & _
# _°_
% #
##¢
E _#
# ma
#;
#; ' l
g\_
# Q#
#&#
g l I
#:
# #
# g
# an
#:‘
#: _ _
# E
EH
# mg
O:
#: _ _
#_
nu:
$#
# F:
Q#§ I
QC g I '
#%
#:
g #
gqfi _
# S _ _
##
#:
g #
O:_
# nit
p_
#: I I
#_
# Eh
##$
as l _
#w
EN
#%
# :#
\_;_%
# # # R _
#N
#V
#
Q
as
#N
# ;_
Eta
#:: l _
#:
# __\
# #
## >_L_JO£
g_w__#<
M g aE___'
#:# _sol COQQ# §g____Eu(
__O_C:__
#% # ____§E__ $# _#O___
N ## >____g grazes
gem tflfl F is _=_____ _#O__'
°__~_m t; F #:#: _£°‘__
E##
___°__mm_#
X#
WmC_“UOS_
Euflue ‘_Q_:°
‘ #___Ec__# _w__#__us__o
P###
nsgmw
p_°=“°hi
m___U__E
m____§___
£#: gnu E_:t"_______' _D ___O_EQUm
“£# _#$ “EN mm___w__D _>t#_°_n_
Cg#__# Ema
##$ ‘O ___O=~w__NQ~__
#O_figWQE_ Ea (D##
WCO=@m_.U@>____
B## ‘O EQEQSW us m____Lg# >__O§£m
m____v_Cg U# co___m=W_C_Eu<
m_____#_n_ $# Ea ___w________°&<
#______m_A_ Eh" =°_“m:m_=_E_u<
_OE_W_C_Eu< §m___W_r__E# _gm___§_ BUNCH: smegma ‘_O_U#_O __#Eg g_o=#m
__O____Ow EEW_Mm< Baum
Q##
## gem: Q # “SN Emanfiu _~ E#: #:# GT #‘ w_w>_gm “E# OE;
_u#_E_._ O# #=_n_w Q $## Fm BESEOE

APPENDIX #
INFORMATION ABOUT THE COMPANY AND THE
PREPACKAGED SALE OF THE COMPANYS
ASSETS AND UNDERTAKING ON # FEBRUARY
####

# Begbies Traynor
APPENDIX
MORECAMBE BAY WINES AND SPIRITS CO LIMITED (In Administration) (“the Company")
INFORMATION ABOUT THE COMPANY AND THE PRE-PACKAGED SALE OF THE COMPANY'S ASSETS
AND UNDERTAKING ON # FEBRUARY ####
Background information
The joint administrators’ statement of proposals for achieving the purpose of the administration
which will be sent to creditors In due course will provide detailed information in relation to the
Company However, to assist creditors who may have a limited understanding of the Company
and its affairs to better understand the reasons for the pre-packaged sale, we have provided
certain background information at this stage
The Company is a long established drinks wholesaler and brewer of its own beer The Company
traded from leasehold premises in Morecambe, Lancashire and supplied many public houses, off-
licences and other establishments in the North West of England The Company employed c##
staff and annual turnover was in the region of £## million
The reasons for the Company's insolvency
The Company began to experience financial difficulties as a consequence of working capital
constraints The Company's financial statements indicate strong financial performance but
working capital was constrained due to increasing trade debtors and stock This was
compounded by the removal of credit by the Company's largest supplier in August ####
As a result, the Company experienced severe creditor pressure and on ## December #### was
unable to meet the majority of direct debit payments due to creditors
This resulted in suppliers not being paid and them being unable to supply products to the
Company As a result the Company was unable to service its customer base with a full product
range and the business effectively ceased trading in January #### In addition, the wages were
due to be paid to the employees on ## January ####
The Company was insolvent on the basis that it was unable to pay its debts as and when they fell
due The primary reason for the Company's insolvency was the working capital constraints
associated with the increased trade debtors and withdrawal of credit facilities from the Company's
largest supplier
The reasons for the pre-packaged sale
In our opinion the pre-packaged sale offered the best option for the Company's creditors As you
WIII see from the information presented the Company was insolvent with minimal assets and the
business of the Company had effectively ceased
### Deansgate, Manchester, M# #LY
T #### ####### F' #### ### #### E manchester@beguiles-tray nor com W: wwimbegbfes-tray nor com
Begbia Traynor (Central) LLP, a limited disyllable iiiartriershlp. registered in England No OC######. registered office ### Deansgate, Manchester, M# #LY
Dean Watson is licensed In the United Kingdom to act as an Insolvency Practitioner by the Association of Chartered Certified Accountants
Gary N Lee is licensed lo act as an Insolvency Practitioner by the insolvency Practitioners Association
David R Acland is licensed to act as an Insolvency Practitioner by the Insolvency Practitioners Association
Any reference to a partner is to a member of the limited liability partnership A list of partners is available for inspection at the registered office
A member of the Begbies Traynor Group, Specialist Professional Services WWW beguile§-intergroup com
Partners, Directors and Consultants acting as administrators or administrative receivers contract as agents and without personal liability

Begbies Traynor
Dean Watson and Gary Lee met with the directors and management on # January #### to
discuss the current financial position of the Company and the available options The director
advised that there was one interested party, Mr Jas Narang of Narang Wholesale, who they had
been in discussions with who was interested in acquiring the business and assets as a going
concern In addition, as the Company was unable to meet the order requirements of its
customers, the director and management entered into an arrangement to allow Narang
Wholesale to supply the customer base in an attempt to provide continuity to the customer base
to preserve the business and the trade debtors
It was agreed with the director and management that the interest of Mr Narang would be explored
whilst a brief marketing campaign was carried out
The only alternative to this course of action was to wind down the operations and formally cease
the business In this scenario, the tangible assets would have been sold piecemeal and
supervised by our agents In addition, a collections team would have been retained by the point
administrators to collect the trade debtors It was recognised that a sale of the business and
assets as a going concern would help to maximise asset recoveries, reduce costs (professional
cost of disposal and debt collection costs) and reduce the amount of claims made by debtors
(therefore improve the prospects of recovery of the debtors) In addition the ]ObS of ## employees
could be preserved
The potential administrators made contact with the interested pant and advised of the
Company's situation with a view to concluding a sale in a brief period Mr Jas Narang
representing an entity later to be named as Morecambe Bay Wines Limited liaised with the
proposed administrators and due to the time constraints made arrangements to visit the
premises, meet with management and request the relevant information to enable them to submit
an offer
In addition, BTG Corporate Finance was instructed to issue a circular to a database of acquisitive
clients and professionals who act for acquisitive clients BTG Corporate Finance is a member of
the Begbies Traynor Group of Companies This circular attracted interest from several additional
parties
The other potential interested parties identified by BTG Corporate Finance were recommended to
make arrangements to meet the management and obtain sufficient information to enable them to
make an offer for the business and assets Ultimately, no further parties decided to progress their
interest.
Mr Narang representing Morecambe Bay Wines Limited (“MBW”) submitted an offer which
following negotiation was concluded on # February ####
MBW offered £##,### for the stock and various items of plant and machinery, office equipment
and computer equipment The assets have been valued by independent agents and valuers,
Edward Symmons and the offer received from MBW was recommended to be accepted
Certain of the plant and machinery was located at a storage facility with a company that is in
dispute with the Company As part of the transaction an element of the consideration (£##,###)
### Deansgate, Manchester, M# ALY
T' #### ### #### F' #### ### #### E. manchester@beguiles-tray nor.com W: WWW.begones-tray nor com
Begbies Traynor (Central) LLP, a limited trisyllable partnership. registered in England No ########, registered office ### Deansgate, Manchester, M# ALY
Dean Watson ls licensed In the United Kingdom to act as an Insolvency Practitioner by the Association of Chartered Certified Accountants
Gary N Lee is licensed to act as an Insolvency Practitioner by the Insolvency Practitlcners Associatlon
David R Acland is licensed to act as an Insolvency Practitioner by the Insolvency Practltloners Associatlon
Any reference to a partner is to a member of the limited liability partnership A list of partners Is available for inspection at the registered office
A member of the Begbies Traynor Group Specialist Professional Services WWW beguiles-transmogrify cirri
Panners, Directors, and Consultants acting as administrators or administrative receivers contract as agents and without personal liability

#‘ Begbies Traynor
is deferred until the receipt of the plant and machinery in storage In addition, MBW agreed to
pay the wages due at ## January ####
Other than the assets detailed above, the largest asset of the Companyiis its debtor book and the
combination of the continuity provided to the customers and the maintenance of the debt
collection team is considered crucial to achieving maximum realisations
The benefits to creditors of the sale to MBW include the following -
## IODS saved
Significantly reduced employee claims (maximising floating charge recoveries)
Continuity of business to protect the trade debts due to reduction of potential claims
Enhanced asset realisations
HSBC Invoice Finance UK Limited likely to be paid in full
Pinsent Masons LLP Solicitors in Manchester were instructed to prepare a sale and purchase
agreement ("SPA") on behalf of the Company The SPA was completed on # February ####
Joint administrators were appointed on # February ####
MBW will continue to trade from the former leasehold premises in Morecambe
FURTHER INFORMATION IN RELATION T# THE PRE-PACKAGED SALE
Who was the source of Begbies Traynor (Central) LLP’s initial introduction to the
Company?
The proposed administrators initially met with the director of the Company on # January ####
Begbies Traynor (Central) LLP were subsequently formally engaged to review the Company's
financial position and seek a purchaser for the business and assets, as set out in an engagement
letter dated # January ####
In August ####, BTG Restructuring (part of Begbies Traynor (Central) LLP) was engaged by the
Company to prepare an Independent Business Review report
What was the extent of Dean Watson, Gary N Lee and David R Acland, and Begbies
Traynor (Central) LLP’s involvement with the Company before appointment?
The proposed administrators carried out a review of the Company's business and financial
position and advised the Company of the options available
BTG Corporate Finance was instructed to issue a circular to a database of acquisitive clients and
professionals who act for acquisitive clients BTG Corporate Finance is a member of the Begbies
Traynor Group of Companies
Prior to their appointment the proposed administrators advised the Company. and- not the
directors on their personal position, the directors were encouraged to take independent advice
### Deansgate, Manchester, M# #LY
T' #### ### #### F. #### ### #### E: manifestness@beguiles-tray nor com Wzwww beguiles-tray nor com
Begbies Traynor (Central) LLP, a limited Ilebility partnership. registered In England No #C######, registered office ### Deansgate, Manchester M# ALY
Dean Watson is licensed in the United Kingdom to ext as an Insolvency Practitioner by the Association or Chanered Certified Accountants
Gary N Lee is licensed to act as an Insolvency Practitioner by the Insolvency Practitioners Association
David R Acland is licensed to act as an Insolvency Practitioner by the Insolvency Practitioners Association
Any reference to a partner is to a member of the limited liability partnership A list of partners is available for inspection at the registered office
A member of the Begbies Traynor Group Specialist Professional Services WWW beguiles-traitorous cOM
Partners, Directors, and Consultants acting as administrators or administrative receivers contract as agents and without personal controllabability

@ Begbies Traynor
Please note that negotiations with the Purchaser in relation to the pre-packaged sale were
conducted by Dean Watson and Gary Lee prior to the formal appointment as administrator and
not by the directors of the Company
What marketing of the. Company’s undertaking and assets was undertaken ‘by the
Company?
Please see above for details of the marketing carried out by the Company
What marketing of the Company's undertaking and assets was undertaken by Dean
Watson and Gary N Lee?
Please see above for details of the marketing carried out by the potential point administrators in
COl‘l]UflCIlOi‘l with BTG Corporate Finance
What valuations of the Company’s undertaking and assets were obtained?
The tangible assets of the Company were independently valued by Edward Symmons on a verbal
instruction only Details of the initial valuation of the unencumbered assets are as follows
Categories of Assets Valuation £
(ex sit)
Office furniture, l eequipment, motor ##,###
vehicles and plant and machinery
Stock ##,###
Within the valuation of the plant'and machinery is included brewing equipment situated within a
storage facility where the Company is in dispute it is uncertain whether these assets will be
recovered
The stock valuation was based on stock lists detailing a gross stock position of c£###,### The
estimated realisation of £##,### equated to c##% of the gross stock position
After the initial valuation was performed, it was advised by the director that stock of c£##,### that
was included on the stock list had been taken by HMRC following distrait acation
in addition, significant claims of c£###,### by suppliers, for Retention of Title claims, were
received by the Company following the ling of the Notice of intention to Appoint Administrators.
Taking these matters into account, the revised net stock figure was c£###,### Based on the
##% valuation of stock, the revised estimated value was c£##,###
Although the anal offer was slightly below the revised valuation, taking into account the costs to
be incurred in the sale of the assets in a piecemeal disposal scenario, Edward Symmons, were‘
able to recommend the sale at the level achieved
### Deansgate, Manchester, M# #LY
T: #### B## #### F. #### ### #### E manchester@beguiles-tray nor com W. WWW beguiles-tragicomedy
Begbies Traynor (Central) LLP. a limited liability partnership, registered In England No OC###### registered office ### Deansgate, Manchester, M# #LY
Dean Watson ls licensed in the United Kingdom to act as an Insolvency Practitioner by the Association ii Chartered Certified Accountants
Gary N Lee is licensed to act as an insolvency Practitioner by the insolvency Practitioners Association
David R Acland is licensed to act as air Insolvency Practitioner by the Insolvency Practitioners Association
Any reference to a partner is to a member ii the limited liability partnership A inst ii spanners is available tor inspection at the registered office
A member of the Begbies Traynor Group Specialist Professional Services WWW b€Q§is§-XEEQYQIQUQ com
Partners, Directors, and Consultants acting as administrators or administrative receivers contract as agents and without personal liability

G Begbies Traynor
What alternative courses of action were considered by Dean Watson, Gary N Lee and
David R Acland?
it was clear that if the sale was not completed then the business would have ceased and forced
sale valuations would have been achieved for the assets Although forced sale valuations have
been achieved for the tangible assets as detailed above, the realisation of the major asset of the
Company, being Trade Debtors will be enhanced by the continuation of the business as a going
concern and the retention of the credit control function
in the alternative scenario of Liquidation or a close down situation in an Administration, it would
have been unlikely that the purpose of the Administration would be achievable and ## people
would have been made redundant resulting in increased creditor claims
The Administrators would have retained staff to wind down the warehouse operations and collect
the trade debtors
As part of the sale, the Purchaser has agreed to provide assistance to the Administrators in the
collection of the trade debtors at no charge
Why was it not appropriate to trade the business during the administration in order to offer
it for sale as a going concern?
The Company had no funding available which made it impossible to trade the business during the
Administration in addition, the suppliers of the Company had ceased to supply and a significant
proportion of stock was potentially subject to Retention of Title
it is highly unlikely that a period of trading in administration prior to a sale of the business as a
going concern would achieve a better result for creditors than has been achieved, due to the
costs involved in such a process and the lack of available stock (after ROT claims) and other free
assets to allow the Administrators to trade
What requests were made to potential funders to fund working capital requirements during
the administration?
None The proposed strategy did not require funding
What consultations were made with major creditors?
The secured creditors, HSBC Bank Pic and HSBC invoice Finance (UK) Limited, were consulted
over the sale and consented to the sale and the appointment of Administrators
What was the date of the transaction?
# February ####
What were the assets sold and what was the nature of the transaction?
### Deansgate, Manchester, M# ALY
T’ #### ### #### F #### B## #### E manchester@beguiles-tray nor com W'WWW beguiles-tray nor corn
Begbies Traynor (Central) LLP, a limited liability i;#l#l'#€l'Sl’lip, registered in England No OC######, registered office ### Deansgate, Manchester, M# #LY
Dean Watson is licensed in the United Kingdom to act as an insolvency Pracutloner by the Association of Chartered Cenifled Accountants
Gary N Lee is licensed to act as an insolvency Practitioner by the insolvency Practitioners Association
David R Acland ls licensed to act as an insolvency Practitioner by the insolvency Practitioners Association
Any reference to a partner is to a member of the limited liability partnership A list of partners is available for inspection at the registered office
A member of the Begbies Traynor Group, Specialist Professional Services WWW beguiles-intergroup cgm
Partners, Directors and Consultants acting as administrators or administrative receivers contract as agents and without personal liability

Q
#? Begbies Traynor
The tangible assets sold included mixtures and hitting, plant and machinery, stock and office
equipment
What was the consideration for the sale, including payment terms, and other conditions of
the contract that could materially affect the consideration?
Please refer to the information above
in summary, the assets were sold for £##,### with £##,### paid on completion and £##,###
deferred until the release of the equipment at the storage facility
ls the sale part of a wider transaction? If so a description of the other aspects of the
transaction
Yes The sale has allowed continuity of the business which should enhance the collect ability of
the trade debtors of the Company
The sale also limited the potential claims of the Company's employees and associated liabilities
have transferred to the Purchaser, potential leasehold property liabilities have also been
transferred to the Purchaser together with the Company vehicles subject to finance agreements
in addition the new entity provides opportunities for trade creditors to continue to trade
Who was the purchaser?
Morecambe Bay Wines Limited
ls there a connection between the purchaser and the directors, shareholders or secured
creditors of the Company?
The ]OIl'rt administrators have been advised that the shareholders of Morecambe Bay Wines
Limited are Mr Jas Narang and Peter Cross (director of the Company) We have not seen any
evidence of this connection
We are aware Malcolm Savage and Sarah Mainwaring are directors of Morecambe Bay Wines
Limited and these were employees and senior management of the Company
Are any directors, or former directors, of the Company involved in the management or
ownership of the purchaser, or of any other entity into which any of the assets have been
transferred? If so, who are they?
The point administrators understand that the director of the Company, Peter Cross, is involved in
the management of Morecambe Bay Wines Limited
Had any directors of the Company given guarantees for amounts due from the Company
to a prior financier? ls that financier financing the new business?
### Deansgate, Manchester, M# #LV . '#- F t '
T #### ### #### F' #### ####### E manchester@beguiles-tray nor comicality beguiles-tray nor com
Begbies Traynor (Central) LLP, a limited disyllable partnership registered in England No OC######, registered office ### Deansgate. Manchester, M# #LY
Dean Watson ls licensed In the United Kingdom to act as an Insolvency Practitioner by the Assoclation of Chartered Certified Accountants
Gary N Lee ls licensed to act as an solvency Prpractitioner by the solvency Prpractitioners Assoclatlon
David R Acland is licensed to act as an insolvency Practitioner by the Insolvency Practitioners Association
Any reference to a partner is to a member ii the limited liability partnership A list of partners is available for inspection at the registered quaff¢e
A member of the Begbies Traynor Group, Specialist Professional Services WWW b#QDl#§-§[§#l’lot‘afoul com
Partners, Directors, and Consultants acting as administrators or administrative receivers contract as agents and without personal liability

##»
Q‘ Begbies Traynor
We are not aware that any guarantees had been provided
What options, buy-back arrangements or similar conditions are attached to the contract of
sale?
None
### Deansgate, Manchester, M# #LY
T" #### ### #### F: #### ### #### E: manchester@beguiles-tray nor com W. WWW begonias-concomitant
Begbies Traynor (Central) LLP, a limited liability partnership registered ll‘\ England No OC###### registered office ### Deansgate, Manchester, M# #LY
Dean Watson ls licensed in the United Kingdom lo act as an Insolvency Practitioner by the Association of Chartered Certified Accountants
Gary N Lee ls licensed lo act as an solvency Prpractitioner by the Insotvency Practitioners Association
David R Acland ls licensed to act as an Insolvency Practitioner by the Insolvency Praclltloners Association
Any reference to a partner is to a member of the limited liability partnership A list of partners ls available lot inspection at the registered office
A member of the Begbies Traynor Group. Speclalist Professional Services WWW beguiles-playground com
Partners, Directors and Consultants acting as administrators or administrative receivers contract as agents and without personal liability