Energy brokerage Great Annual Savings fell into administration with a deficit of £40.3m, including £28m owed to private equity firm Toscafund.
Insolvency specialists at FRP were appointed to the Seaham firm in May after a restructuring plan put forward by bosses was rejected by the High Court. HMRC had submitted a winding up petition and the new documents show it is owed £7.8m.
More than 100 jobs were lost at the £20m-turnover former Sunderland AFC shirt sponsor which had grown rapidly since its beginnings in 2012. Having encountered difficulties during the pandemic, which led to the furloughing of staff, the firm built up liabilities to the tax office and a restructuring plan including a schedule of payments was proffered.
