Save Britain Money Ltd, the company featured on BBC Three’s ‘The Call Centre’ and run by the larger than life chief executive Nev Wilshere, has entered into administration. Despite the unwelcome turn of events, Jon Curtis, a spokesperson for the call centre, said it was “business as usual”.
The company currently employs around 700 people, and despite the recent announcement, Curtis was quick to add that no jobs will be lost and the call centre will continue to take on staff.
No option but to call in the administrators
Save Britain Money Ltd entered into administration after being unable to pay damages awarded in a court case relating to a lease on one of its old offices. Subsequently, Deloitte LLP was appointed as the company’s administrators just last week.
In a statement, Save Britain Money said: “The directors of Save Britain Money Ltd can confirm they have appointed administrators.
“Save Britain Money is a non-trading company that was established to provide operational support to companies in the SBM group. As a non-trading company, the business did not have the financial resources available to pay the damages awarded against it in a recent court case regarding a lease on a former office.
“As a result, the directors had no option but to call in administrators; no jobs have been lost as a consequence of this process and all other group companies continue to trade as normal.
“The administrators are now managing the affairs of Save Britain Money and liaising with the creditors.”
The warning signs
This is not the first sign that Nev Wilshere’s empire could be starting to crumble. Unsecured creditors of Nationwide Energy Services, another company run by the gregarious chief executive, have been warned they could miss out on millions of pounds following the company’s collapse.
Two individuals from Deloitte LLP were appointed joint administrators of the Swansea-headquartered Nationwide Energy Services Ltd on 14 August this year. The company collapsed with outstanding debts of £5.8million, including debts of £2.5million and £554,000 owing to trade creditors and HM Revenue & Customs respectively.
The collapse of Nationwide Energy Services resulted in the loss of 36 jobs. This was in addition to significant lay offs in April 2014, when a major contract with one of the group’s leading customers was terminated.
Payments to unsecured creditors will be made
The administrators anticipate that following the costs of the process, the realisation of floating assets will be “sufficient” for a payment to be made to unsecured creditors. However, they are currently unable to “quantify the likely amount at this early stage in the proceedings.”
Accounting records for Nationwide Energy Services showed the company had turned over more than £21million in the year to 31 March 2014, although earnings before interest and tax (EBIT) were just £9,949. This compared with a £94,585 loss in the previous year.
Following the administration of Fuelswitch.com and We Claim U Gain, the failure of Nationwide Energy Services makes it the third business in the same group to have failed in less than a year.
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Written by: Mike Smith