Clintons’ creditors still owed millions

Unsecured creditors to Clintons, including its landlords, have received just £475,000 of the £69m they are owed after the retail chain was sold back to its existing owners. Clintons fell into administration for the second time in December 2019, resulting in a company connected to its owner, American Greetings, buying back its assets in a pre-pack deal. The deal was approved in 2018 by the Pre Pack Pool and was hailed as saving 2,500 jobs. Since then Clintons has dramatically shrunk the size of its business, with 308 of 335 shops having since surrendered or forfeited their leases to landlords. A progress report by administrators reveals that Barclays, Clintons’ lender, will not suffer a shortfall while unsecured creditors, including landlords and local authorities, received their first and final dividend of 69p in the pound. The Times (£)