LIQUIDATORS of a store that sold Apple products until it closed without notice three years ago have paid unsecured creditors a small fraction of the nearly £1million owed to them.
Solutions Inc, an authorized reseller of Apple devices with a store in Old Christchurch Road, Bournemouth, closed suddenly in February 2019.
Staff were notified by email on a Monday evening that the business had gone out of business. They were told not to come to work and warned that the police would be called if they tried to enter the shops – although some had belongings inside.
The Bournemouth store was one of six authorized Apple resellers run by Hove-based Solutions Inc. All 53 employees were made redundant.
In their latest report to creditors, liquidators Colin Vickers and Christopher Stevens said claims of £2,581 from staff and £32,602 from the redundancy payment service were settled in full in September 2020.
They added: “We have received claims totaling £910,667.30 from unsecured creditors in this proceeding.
“The claims received were agreed and a dividend of 7.14 pence in the pound was declared to unsecured creditors on February 19, 2021.
“A second and final dividend of 0.91 pence in the pound was declared to unsecured creditors on January 19, 2022.
“In accordance with the insolvency rules, no further dividends will be declared to secured and unsecured creditors because the funds realized have already been distributed or used or applied to the payment of the costs of the insolvency proceedings.”
In its latest set of accounts, for the year ending June 2017, the company reported a 60% increase in iPhone sales, but a 16.8% drop in iPad sales and 10.7 % of computer sales.
“Gross profit declined 8% due to iPhones lower margin than other Apple products and Apple’s reduction in our product margin during the year,” chief executive Aiden Bowen wrote.
The company depended on the tech giant’s devices for 84% of its revenue.
“The retail environment in general has been going through tough times recently. There has been an increase in online sales of the products we sell in our stores. These are often discounted from the price of retail. However, the sale of Apple products as a whole has increased,” Bowen said at the time.
The company was planning an online store and was waiting for a new deal from Apple to give it a better profit margin.
He also planned to move the Bournemouth store in a bid to make it more profitable.