Northumberland company Boiler Plan owed more than £3.1m to creditors when it went into administration in July, new documents show.
TheCramlington-based firm, which had attracted £4.65m investment in recent years, had seen fast growth until it closed last month with the loss of 62 jobs. Founder and director Ian Henderson, who owned about 19% of the company, told Business Live that a critical shortage of new boilers brought on by supply chain issues had seriously hampered Boiler Plan's ability to fulfil orders and drove losses.
Administrators at Interpath Advisory were appointed to the firm after sale attempts failed and its main backer Maven Capital Partners - which had invested the £4.65m over several years - withdrew support. Documents from Interpath now show that Boiler Plan owed more than £55,000 to former customers and £138,000 to staff, of which there is £86,146 owed to seven employees classed as unsecured creditors.
