Bank faces loss on sauna firm
TWO Preston businesses that specialised in swimming pools and saunas collapsed owing the Co-operative Bank £2m.
Sauna firm Koppen and its sister operation William Taylor Swimming Pools failed in July with the loss of 116 jobs.
A report by the accountancy firm Grant Thornton shows that the Co-operative held a guarantee across both companies securing its £2m loan.
But joint administrators Matt Dunham and Leslie Ross said there would be a shortfall in payments to the bank while unsecured creditors are unlikely to receive anything.
Both businesses were the subsidiaries of non-trading holding companies Taylor Group Holdings and the ultimate parent, Preston-based OJSS Group. The company directors were Martin Jackson and Thomas Sutcliffe. Another group company ATM Tiling failed in December.
The report shows that Koppen failed owing trade creditors around £160,000 and had tax liabilities with a similar value. The swimming pool business had trade and tax debts totalling £2.5m.
Administrators have raised £66,000 by selling stock and non-property assets. William Taylor’s properties in Preston and Cumbria are now being valued and marketed.
