entered administration on April 1, 2025<\/a>, with Christopher Brooksbank of CB Business Recovery appointed as administrator.<\/p>\nThe company’s latest progress report, covering the six months to September 30, 2026, reveals that unsecured creditors are owed more than \u00a31.28m, including liabilities to employees and HMRC.<\/p>\n
The administrator said there would be insufficient funds to make a distribution to unsecured creditors, with the business expected to move into dissolution once the administration is concluded.<\/p>\n
The report reveals that investigations into transactions involving connected company Vogue Group Holdings Limited have resulted in a settlement agreement worth \u00a3100,000.<\/p>\n
The investigations concerned transfers of company assets and payments to the connected business.<\/p>\n
Following correspondence with the company’s director and legal advisers, an offer of \u00a3100,000 was made in full and final settlement.<\/p>\n
The administrator said the settlement also took account of payments made by Vogue Group Holdings to discharge the company’s liabilities and the amount needed to secure vacant possession of its former premises.<\/p>\n
Under the agreement, \u00a335,000 was due on October 30, with further instalments of \u00a313,000 payable monthly until April 2027.<\/p>\n
At the date of the report, \u00a348,000 had been received.<\/p>\n
The administrator confirmed that investigations into the company’s affairs had now concluded.<\/p>\n
Vogue Beds had a claim of \u00a359,833 from National Westminster Bank relating to a Coronavirus Business Interruption Loan Scheme facility.<\/p>\n
The report states that no secured creditor claims have been received.<\/p>\n
Former employees are owed an estimated \u00a347,890 in preferential claims, which the administrator expects to pay.<\/p>\n
However, HMRC is owed an estimated \u00a3180,605 as a secondary preferential creditor, with no distribution expected.<\/p>\n
The administrator said: “Based on current information, there will be no distribution to the Company’s secondary preferential creditors.”<\/p>\n
The company’s statement of affairs lists unsecured liabilities of \u00a31,283,332.99, including amounts owed to trade creditors, employees and Vogue Group Holdings.<\/p>\n
The report adds: “Based on current information, it is estimated that there will not be sufficient realisations to enable a distribution to unsecured creditors.”<\/p>\n
Administration costs have continued to mount, with the administrator recording time costs of \u00a376,647.50 during the latest six-month period.<\/p>\n
Total time costs since the appointment have reached \u00a3158,692.50, exceeding the previously approved remuneration estimate of \u00a3118,307.50.<\/p>\n
The administrator said a revised fee estimate would be provided to creditors.<\/p>\n
The administration is expected to conclude by March 30, 2027, after which Vogue Beds Limited is expected to be dissolved.<\/p>\n","protected":false},"excerpt":{"rendered":"
Administrators have agreed a settlement with a connected company but unsecured creditors lose out<\/p>\n","protected":false},"author":25,"featured_media":2096640,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47995],"coauthors":[95],"class_list":["post-2116914","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retail","tag-leicestershire","tag-top-story"],"yoast_head":"\n
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