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A Companies House update has detailed the list of Planet X’s creditors after the Rotherham-based company filed for administration last month.
The statement of affairs, uploaded on Wednesday, June 28, shows more than £1.8 million of unsecured trade and non-preferential creditors owed funds by the firm.
A statement of affairs is a legal document listing the assets and liabilities of a company or individual.
The list does not include Santander Bank, which the administrators estimate is owed approximately £6.26 million
SRAM tops the list of creditors with a debt of £770,400 owed by Planet X, although the component manufacturer is claiming Retention of Title (ROT). This means that the ownership of goods remains with the supplier until full payment for the goods has been received.
It’s unclear if the ROT is valid due to Planet X’s administration.
The next largest creditors are Waltly Titanium Technology (xiamen) Co at £149,276, and Shandong Taishan Ruibao Composite Material Co., who are owed £118,713.
British bicycle distributors Raleigh and Chicken CycleKit also feature with £30,151, and £13,383, owed respectively.
Logistics and delivery companies including CBI Freight, DHL, DPD, FedEx, Royal Mail, and Yodel, total more than £140,000.
Other large creditors include legal firms, marketing agencies and Rotherham Metropolitan Borough Council.
Interpath Advisory, who were appointed as administrators, were contacted for comment but declined the opportunity.
Howard Smith and Rick Harrison from Interpath have created an administration proposal which shows that Santander will receive a partial dividend on their £6.26 million.
Ordinary preferential creditors (employees), secondary preferential creditors (HMRC), and unsecured creditors, are “highly unlikely” to receive any dividend on any monies owed, according to the proposal.
Despite this, the business and assets of Planet X have been sold to Winlong Garments Limited, a company funded by Baaj Capital LLP.
Planet X’s intellectual property was valued at £150,000, with a stock value of £384,995.
Valuation of business information, contracts, and equipment was nominal resulting in the total value being £535,000.
All of the company’s 33 employees have transferred to the purchaser as part of the sale.
Howard Smith, managing director at Interpath Advisory and joint administrator, said: “Planet X has grown over the years to become a well-respected and well-loved name in the cycling community, so we’re pleased to have been able to conclude this transaction which will see the business continue to trade and, importantly, which safeguards the jobs of the company’s workforce. We wish management and the new owners all the very best for the future.”
Administrators are still reviewing the affairs of Planet X to find out if there are any actions which can be taken against third parties to increase recoveries for creditors.
Any creditors wishing to bring matters to attention can do so by writing to Mariya Patel at Interpath Advisory, 5th Floor, 130 St Vincent Street, Glasgow G2 5HF, United Kingdom or by email to mariya.patel@interpathadvisory.com.
