Collapsed Carmarthenshire-based ice cream business Frank’s Ice Cream owes almost £3m to its creditors. A report from joint administrators, Richard Lewis and Alistair Wardell of professional advisory firm Grant Thornton, shows that unsecured creditors, which total more than 80, are not expected to receive any of their money back.
Secured creditors in Barclays Bank and the Development Bank of Wales are jointly owed £1.38m. Barclays is expected to recoup in full its £787,000 of lending.
The Development Bank of Wales is owed £601,000, having provided the firm with two loans which had fixed charges against assets. One loan helped finance a 4,300 sq ft purpose-built gelateria and innovation centre built next door to its existing manufacturing site in Capel Hendre which opened at the start of 2022.
