Spittoon: We Spit So You Can Swallow
The administrators to Unwins, the off-licence chain that collapsed late last year, are attempting to recover more than £1m that has been held in limbo since the business was sold by the founding Wetz family. The money has been held by solicitors since the sale to Devereux Montague, the private-equity firm, in 2005, according to documents sent to creditors last week.
Times
“If it is successful in obtaining the £1m — or part of it — KPMG is expected to use the proceeds to fund an ongoing investigation into claims that Devereux Montague transferred money and assets out of Unwins in the weeks leading up to the collapse. Takings from Unwins stores were alleged to have been paid into Devereux Montague bank accounts and a number of shops transferred into a new company. KPMG called in its forensic team to investigate the claims.”
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