Government department HMRC has filed a petition to wind up former Sunderland shirt sponsor Great Annual Savings.
The Seaham based energy consultancy, launched 10 years ago, is one of several brokerages which has seen rapid growth, and in the last two years it has expanded its offices at Spectrum Business Park, County Durham. The company, which helps businesses to reduce their variable costs in energy, water, telecoms, merchant services and insurance, furloughed large numbers of staff during the pandemic, but revenues remained consistent at around £20m in most recent accounts, covering the year ended June 2021.
However, since accounts were filed, the firm’s employee numbers of 300 has dropped to 160 and it is also battling rising costs. The accounts also highlighted how outstanding HMRC liabilities arose during Covid-19 over a period of time, but that it had put an arrangement for repayments to HMRC. Now, however, the London Gazette – the official public record for the insolvency service – shows that HMRC has raised a petition to wind up Great Annual Savings Company Ltd, and a hearing has been sent for the High Court in London next week.
