Total Asset money is recoverable, says founder

TOTAL Asset Finance’s director Stephen Dartnell has indicated to the firm’s administrators that the bulk of the £133m owed to its main lender KBC Lease UK is recoverable.

A statement of affairs provided by Dartnell to the joint administrators of Warrington-based Total Asset Ltd indicates that £129m of the £133m loaned by KBC Lease to his firm is recoverable.

Last month, TheBusinessDesk.com revealed that the Serious Fraud Office is investigating the company’s affairs after being called in by KBC following its own due diligence exercise last year.

The SFO is looking into contracts between Total Asset Ltd (which traded as Total Asset Finance) and Haydock-based cable installation firm H2O Networks.

Total Asset Finance had been H20’s principal funder and had forwarded loans worth more than £91m to the company.

KBC also gained an injunction to have assets worth £24m belonging both to the company and to Mr Dartnell in October last year.

Speaking to TheBusinessDesk.com last month, Mr Dartnell said “the suppler had caused the problem” but said that legal issues prevented him from discussing the matter further.

At the time the Serious Fraud Office’s investigation was instigated, H2O Networks was part of i3 Group but it has subsequently sold to City Fibre Holdings – a new business owned the former President and COO of i3 Group, Greg Mesch. City Fibre Holdings has indicated that it is not part of any investigation.

A spokesperson for Deloitte confirmed that the statement of affairs had been filed at Companies House, but added that the administrators had not assisted the director with his completion of the statement.