The final cost of the failure of the two main New Earth Solutions companies is more than £157m, according to the administrator.
Two reports from Duff & Phelps show that New Earth Solutions Group (NESG) had a deficiency of £75,024,436 when the final notice of statement of affairs was signed off on 21 July. New Earth Solutions Facilities Management (NESFM) owed a total of £82,448,424 on 19 July.
The detailed list of creditors for NESG shows that £1,017,000 was owed to AVR, which claims to be the biggest energy-from-waste business in the Netherlands.
Other major losers were:
- Avonmouth Bio Power Energy (£987,700)
- Bertling Enviro, Sweden (£828,200)
- Syngas Products, Dorset
- Impetus Waste Management, Birmingham, (£415,100)
- John Hanlon, Bedfordshire (£234,900)
- Tarmac Trading, Leicester (£222,900)
- AW Jenkinson, Cumbria (£184,400)
- Levenseat, Lanark (£178,100)
- Hills Waste Solutions, Swindon (£147,700)
- Mach-Tech Services, Lancashire (£133,533)
NEWFM has two major creditors: Norddeutsche Landesbank Girozentrale (£37,254,000) and Security Services Nominees (£39,046,000).
As reported previously, NESG and NESFM were placed in administration on 7 June. Five operating subsidiaries running advanced composting facilities and not in administration were sold to DM Opco two days later.
The new owners bought NESG’s business and assets, the bulk of it for equipment and vehicles, for £5.9m.
Part of the deal for DM Opco’s purchase was the transfer of NESG’s £35m Co-op debt to the five operating companies.