25 November 1998
Simmers’ debt hit £11.5m
By FWi staff
SCOTLANDS biggest pig farmer, Arthur Simmers Ltd, had debts of £11.5 million when it went into receivership in late August, creditors have been told.
Official receiver Iain Bennet said the debt to ordinary creditors totalled £2.2m and the company was losing £100,000 a week.
Lloyds TSB was owed a further £7m and £800,000 was owed to a hire-purchase company, he told a creditors meeting in Aberdeen on Monday (23 November).
Mr Bennet defended the decision to sell the assets of the Simmers business back to a new company headed by Mr Simmers.
“There is nothing legally, ethically or morally against selling the assets of a company in receivership to one of the directors,” he said.
Mr Bennet refused to reveal the sale price, but said that the move had saved 130 jobs.