£293m Debt and CEO’s Departure
- Lloyds Pharmacy enters voluntary liquidation
- Owing £293m to 514 creditors
- Martin Armstrong and Andrew Bailey of Turpin Barker Armstrong Accountants appointed as liquidators
- Company owes £293m, can only realise £8.2m in assets for preferential creditors and £800k for unsecured creditors
- Majority of debt owed to current and former owners: Diamond DCO One, Aurelius Crocodile, Hallo Healthcare
- Lloyds closed 237 stores inside Sainsbury’s in disposal programme
- CEO Ken Birch steps down after eight months
Lloyds Pharmacy, now known as Diamond DCO Two Limited, has entered voluntary liquidation with a debt of £293 million owed to 514 creditors. The company filed documents for voluntary liquidation on January 22nd and appointed Martin Armstrong and Andrew Bailey of Turpin Barker Armstrong Accountants to handle the process. The liquidators’ statement of affairs shows that it can only realise £8.2 million in assets for preferential creditors and £800,000 for unsecured creditors. Most of the debt is owed to its current and former owners: Diamond DCO One, Aurelius Crocodile, and Hallo Healthcare. Last year, Lloyds closed all 237 stores inside Sainsbury’s and initiated a disposal programme that concluded on November 26th. This involved dividing assets into 82 smaller companies incorporated between November 2022 and June 2023. CEO Ken Birch stepped down from his role last month.
Factuality Level: 9
Factuality Justification: The article provides accurate information about Lloyds Pharmacy’s voluntary liquidation, the amount owed to creditors, the appointment of liquidators, and the company’s recent store closures and CEO change. It is based on documents filed with Companies House and does not include irrelevant or sensational details, repetitive information, or personal opinions.
Noise Level: 4
Noise Justification: The article provides relevant information about Lloyds Pharmacy’s voluntary liquidation and the appointment of liquidators. However, it could benefit from more analysis or context on the reasons behind the company’s financial situation and potential consequences for its creditors and the industry.
Financial Relevance: Yes
Financial Markets Impacted: Lloyds Pharmacy’s creditors and related companies
Financial Rating Justification: The article discusses the financial situation of Lloyds Pharmacy, its debt to creditors, and the impact on its owners and assets. This is relevant to financial topics as it involves a company’s liquidation and the management of its assets.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
www.retailsector.co.uk