Create and Craft's administrators report was published today. As expected, it's a disaster. Highlights for those who might be interested in such things.Preferential creditors (employees mainly) will be getting about 25p in the £. The secured creditor, essentially Paul Wright and Val Kaye & is getting £86,000 and takes a loss of £22million.Out of the unsecured creditors, the usual big losers are logistics and broacast support (eg Arquiva). Regarding craft companies/suppliers, which is what I think most people would be interested in, there's some big losers.The biggest one I could see was StudioLight, which loses £176k. Me-Too crafts (John Lockwood) loses a massive £149k and Stephanie Weighman will be pissed off at losing £129k at Highlight Crafts. The other big losses are:
- Clarity: (ex-director Barbara Gray) £94k
- Tonic Studios: £86k (no more holidays for Jodie)
- La Blanche: £88k
- Craft Buddy: £70k
- Stamperia: £54k
- Claina Palmer: £30k
- Pinflair: £29k
- Craft Yourself Silly: £14k
- Dawn Bibby: £11k
- Sarah Payne + company, and Stamps By Me: £7k
None of these companies can afford to lose that sort of money - and there's plenty of other smaller suppliers who lose less money, but still money which they can ill afford. Tonic is probably in the worst position there, given that they've lost a huge amount of stock in a warehouse flooding during the recent storms.Terrible outcome.
But what about Sky and Virgin Media see link below