Carpetright’s collapse has left nearly 21,000 customers without refunds, totalling almost £8 million.
- Company directors’ statement predicts most affected customers will not receive refunds.
- The actual debt could be significantly higher, as reported by The Times.
- Intellectual property rights were transferred amid controversy prior to the company’s collapse.
- Tapi Carpets acquired Carpetright, incurring significant costs for intellectual property rights.
The collapse of Carpetright has resulted in approximately 21,000 customers being owed nearly £8 million for outstanding orders. According to the company directors’ statement of affairs, the majority of these customers are unlikely to receive refunds.
Sources familiar with the situation have indicated that the final amount owed by the defunct flooring giant may actually be considerably higher, as reported by The Times. This revelation highlights the financial turmoil faced by Carpetright customers and creditors.
Talal Shakerchi, who was the owner of Nestware Holdings, the parent company of Carpetright prior to its collapse, faces criticism for actions taken in December. He transferred the Carpetright brand and intellectual property rights to Nestware for £12 million, prompting backlash amid the unfolding financial crisis.
In an acquisition move, Tapi Carpets purchased Carpetright in July. However, the deal necessitated a payment of £5 million to Nestware for the rights to Carpetright’s intellectual property. This transaction underscores the financial complexities intertwined with the company’s decline.
Recently filed documents revealed total debts to unsecured creditors amount to £373 million, with most remaining unpaid. Among these, 298 landlord creditors, including B&Q, B&M, Asda, and British Land, are owed £148 million. Additionally, trade creditors are owed £226 million. Sources suggest that despite being owed £175 million, Nestware is unlikely to receive any repayment in the future.
This financial debacle continues to unfold, leaving many stakeholders at a significant loss.
