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Taken from Warrington Worldwide.
Quote:
I've just received the Administrators 6 month report on the case of Pink Ladies Ltd in Administration.
As we all know the Directors of Pink Ladies Ltd bought back the assets of their old Company for £11750 before other interested parties had the opportunity to bid and improve the offer.
What the report now reveals is that a deal was struck whereby these Directors (Dutton and Winders) would pay this sum of £11750 in 8 equal instalments of £1468.
And guess what. They have up to know... 6 months later , paid only £2389, and the Administrators have appointed solicitors to take proceedings in order to recover the debt in full.
Wonder if Warrington Pink Ladies will now put themselves into Administration?? Would seem a good proven strategy.
Anyway, the Administrators fees totalled £28,500 and so far they have only been able to pay themselves £1500.
So not only did Pink Ladies stuff all their Franchisees, they also managed to stuff the Administrators. Cant say I feel sorry for the Administrators though after the way they sold the Company back to Winders and Dutton when ex-Franchisees were wanting to be considered in the bidding process.
But it just goes to demonstrate further the business ethics of these 2 ladies.
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