A company owned by a former mayor of Rochdale has entered liquidation owing more than £700,000, it has been revealed. Coun Aasim Rashid is the sole director of Rashids (PVT) Ltd which operated as Bedding Place, selling bedroom accessories online.
The firm also previously owned newsagents shops in Leigh and Walkden and ran a Subway franchise in Burnage, Manchester. According to documents filed by Companies House and notices published by The Gazette, Sale-based KBL Advisory was appointed to oversee the liquidation after the business racked up an estimated total deficiency of £701,372.
A document filed with Companies House shows its largest creditor was Funding Circle, which was owed £245,644. A Rochdale import company was owed £125,343.74. Other creditors included HSBC, Hermes and Royal Mail. Coun Rashid is the Labour member for Castleton on Rochdale council and recently served as the borough's mayor, holding the office during the 2021-22 municipal year.
