Northamber unites ATG creditor cause

The distributor has brought creditors of the defunct Anglo Corporation together to form a plan to recover their losses

Northamber has attempted to drum up support among creditors of defunct Anglo Corporation after it held an informal meeting to listen to their concerns.

The distributor, which is understood to be one of Anglo?s largest creditors with #400,000 owed, called the meeting on 5 March. Anglo Corporation plunged into administration after running up debts of over #7 million last month.

As a result of the Northamber meeting, creditors have stated that they want their interests to be represented by chartered accountant Pannell Kerr Forster if a liquidator is appointed.

Nitin Joshi, senior manager at Pannell Kerr Forster, said: ?We have been approached by a considerable number of creditors wanting us to act for them.?

ATG administrator Coopers & Lybrand has until 14 May to decide on the company?s fate and when to hold a creditors? meeting. Coopers & Lybrand would not discuss how far it has progressed with matters relating to ATG, but said it has been contacted by potential buyers.

A representative of Coopers & Lybrand said: ?We have received more than 70 enquiries about buying Anglo, but as yet no definite course of action has been decided on.?

ATG joint managing director Stuart Tidy is thought to be one of the applicants to purchase the retail operation and lead a management buyout.

There were more job losses this week, when Debenhams gave seven days? notice that it was terminating its agreement to house ATG concessions inside its stores. All 17 concessions closed on Saturday with the loss of between 70 and 80 jobs.

Northamber was unavailable for comment as PC Dealer went to press.