Builders Merchants Journal – BMJ Publishing to Builders Merchants and the UK merchanting industry for more than 95 years
Shower manufacturer Methven has managed to get back some of the NZD2m (£996,400) owed to it by DIY retail chain Focus.
According to a statement on the New Zealand-based company’s website, Focus administrator Ernst & Young has agreed to the return of £329,675 plus VAT to Methven UK Limited.
It will get half on June 16 and the rest two weeks later.
The company, which saw its profits drop 39% due to Focus’ collapse, said it does not expect any further recovery.
A spokesperson for administrators Ernst & Young said that Methven had made a ‘retention of title’ claim for stock that hadn’t been paid for, and that other similar claims were expected.
