Following our story of the administration in October 18 of Burningnight, light appears at the end of the tunnel, as a northern based restructuring company, Access Commercial Finance, has offered to buy some of the failed group out of administration.
We do not know yet what price has been paid, so 960 odd Crowdstacker investors will have to wait a little longer to see how much of their £7.5m is recoverable.
Our October piece is here
The rest of the creditors are unlikely to see anything and if you believe the sums listed on the administrators report, that means losses for them, north of £2m.
All round a bit of a disaster.
They ran some pretty popular nightspots around my way, so I'm not surprised a buyer has been found. They tried to raise on Crowdcube a while back offering rewards of a food voucher to the value of the investment, but the pitch was pulled (by themselves) when they were on about 60% funded. Some people had a lucky escape.
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