Industry News
Creditors informed of Carter & Carter plc’s losses and debts
12th May 2008
The statement of affairs issued to creditors of the failed apprentice training group Carter & Carter and reported by the Autobody Projects subscription website shows the state of the business when its directors called in administrators from Deloitte Touche on 11th March 2008. In the year to 31 July 2007, Carter & Carter a turnover of £119m on which it made a pre-tax loss of £117m. In the 7 months to 29 February 2008, they had a turnover of £66m on which a pre-tax loss of £24m was recorded. The balance sheet at 29 February showed a shareholders’ deficit of £68m.
The administrators report is said to show that the liabilities of Carter & Carter total £159.4m, of which £135m is owed to the Bank of Scotland, Lloyds TSB and Barclays. The assets available to the banks total are said to total around £7m.
The Retail Motor Industry Federation sold its training arm ReMIT to Carter & Carter in May 2006 for £25.5m, and the administrators’ report shows the RMIF bought it back in April this year for just £62,500.
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