A family ice cream firm that was founded in Carmarthenshire over a century ago owed almost £3m when it collapsed into administration, it has been revealed. A report from joint administrators, Richard Lewis and Alistair Wardell of professional advisory firm Grant Thornton, shows that more than 80 unsecured creditors of Frank's Ice Cream are not expected to receive any of their money back.
Frank's was founded in Ammanford in by Francesco Dellavalle, who arrived in Wales from the mountain village of Bardi in Parma, Northern Italy, in the early 20th Century. Mr Dallavalle lived in Garnant and initially helped deliver his ice creams on a horse and cart before moving on to vans in the 1920s and ‘30s.
Secured creditors in Barclays Bank and the Development Bank of Wales are jointly owed £1.38m. Barclays is expected to recoup its £787,000 of lending in full.
