Patton creditors 'accept £50m loss'

Published Friday, 11 January 2013
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Creditors of a collapsed Ballymena building firm accept they will not get the near £50m they are owed.

Patton creditors 'accept £50m loss'
UTV spoke to some of those who are owed money by the collapsed Patton Group. (© UTV)

Patton Group went into administration in November owing money to a large number of subcontractors and suppliers.

Around 150 creditors gathered at Ballymena Hotel on Friday for a briefing on the state of firm's finances, hoping to hear what might be retrieved from its collapse.

They had already been warned the chances of securing a payout were slim.

During an hour-long session they questioned the administrator now in charge of the stricken building firm - and what they heard was far from reassuring.

"At this stage there seems to be no money at all available for the creditors," one man told UTV. "None at all. So the likelihood is the people in that hall today are going to get nothing."

Another man, who said he is owned over £40,000, said: "I would say for the likes of me and a lot of the other little ones there will be nothing."

One local newspaper editor was able to attend the meeting because his company is owed some money by Pattons.

Jim Flanagan from the Ballymena Guardian said there was a mood of both anger and resignation among the creditors.

"There was a mixture of creditors in there," he explained. "Some owed very large sums of money and some owed what might be regarded as small sums of money, but of course those small sums of money to the individuals concerned are equally as important. They were very anxious to get answers really about how it got to this stage."

It is understood the ex-directors of the 100-year-old company didn't attend the meeting but they later issued a statement.

They said they deeply regretted the impact the current circumstances were having on among others sub-contractors and suppliers.

The directors' own estimate is that the businesses collectively will suffer a loss near £50m.

© UTV News
Comments Comments
Gerard in Lurgan wrote (747 days ago):
This has also happened at a Building firm in Moira but never made the headlines. The Managing Director owed out a complete fortune. There was a take over and he remains the MD but the suppliers never received the money they were owed.
more than floors tiling in downpatrick wrote (748 days ago):
the reason the directors didn't show up today was they couldn't look the people if the eye they owed money and new fine will that they never had the money to pay for work that was being done
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