Supply chain to miss out on almost £7m

Following the collapse of TNA Electrical which went into administration in February, documents published on 12 April suggest it has left its supply chain out of pocket by £6.9m, a figure is based on Administrators’, Leonard Curtis’ estimates, as TNA has not yet filed its own statement of affairs.

As reported by Construction News, The £30m-turnover company has 29 employees who are likely to receive unpaid wages, holiday pay and certain pension contributions, worth £31,000. As well as this, a £130,000 VAT bill to HMRC may also be paid, administrators said.

Administrators said they were also unlikely to recover money to pay back business loans the firm had taken out, including £360,000 from Iwoca, £142,000 from Funding Circle, £96,000 from Merchant Money and £50,000 from Capital on Tap.

The 15 year-old electrical installation firm appointed joint administrators Conrad Beighton and Liz Welch from Leonard Curtis in February, and in its last year of trading, made a pre-tax loss of £2.1m.

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