27 November 1998
Lockerbie Meat Packers went under owing £3.83m

LOCKERBIE Meat Packers went into receivership last year owing an average debt of £45,000 to 33 auction houses, according to liquidators Grant Thornton, of Glasgow.

The companys total debt was £3.83 million.

The last audited accounts to 31 December, 1996 show a profit of £302,000 after tax and assets of £2.7m. This compares with management accounts to 30 November, 1997 reporting a loss of £400,000.

Among the creditors are the Meat Hygiene Service and the Meat and Livestock Commission. The payout to creditors will be about 16.5p in the Pound.

Recent results show auction houses still suffering. Perth-based United Auctions has this week reported a loss of over £600,000.