Business North West organiser failed owing £200,000
THE company behind Manchester’s Business North West exhibition collapsed owing creditors more than £200,000.
Bristol-based Nationwide Publishing was due to the stage the event next month at Manchester Central for the fifth year running but went into liquidation several weeks ago.
The business is now in the hands of the Leicestershire-based accountancy firm FA Simms & Partners.
A statement of affairs filed at Companies House shows unsecured creditors are owed £213,000 and its lender, HSBC, which has a charge over group assets, is owed just £1,500.
The document, prepared by director Scott Hider, shows the company had £5,000 in cash at the time of its collapse.
Goodwill and internet domains names were given a book value of £10,000 but, according to the statement, were expected to realise nothing. This is despite London-based Easyfairs saying it bought Nationwide’s brands, websites and data for an undisclosed sum when it went under.
Easyfairs has promised to stage the Manchester event in May and honour deposits paid by exhibitors. It has taken the same approach with a sister event in Coventry but similar shows in Doncaster and Bristol have been postponed indefinitely.
The list of creditors shows most of them are based in the south west and HM Revenue & Customs has taken the biggest hit with £80,000 outstanding. The only North West businesses listed are Envestors and Manchester Digital.
Envestors, set up by managing director of public relations firm MC2 Mike Perls and entrepreneur Imran Hakim to help high growth firms find business angel support, was owed £1,760, while Manchester digital has been left just £57 out of pocket.
