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FABB Projects Limited - In Liquidation ("the Company")

Toby Scott Underwood and Peter David Dickens were appointed as joint administrators (“the Administrators”) of the Company on 7 June 2018.

On 21 January 2019, the Company moved to Liquidation and Toby Scott Underwood and Peter David Dickens were appointed joint liquidators.

Alison Campbell Grant replaced Toby Scott Underwood as joint liquidator effective from 30 November 2021.

Since incorporation, the Company had grown rapidly to nine stores across England and Scotland. Despite achieving significant revenues in such a short period, the business remained reliant on external funding to support trading losses. Without external funding, the business could not continue to meet payments as they fall due.

Given the cash flow position, the management team undertook a sales process to find a purchaser who could provide the funding required to continue to deliver the business plan and take the Company forward.

Unfortunately, it was not possible to achieve a sale and as such the directors had no option but to appoint administrators to protect the creditors of the Company.

Please refer to the information provided in the relevant sections below.

For any other queries please email uk_fabbprojects@pwc.com.

 

Dividend Forecast

Class of creditors

Dividend forecast

Unsecured Creditors

0.5p to 1.5p in the £

February 2022 update

In our last website update to creditors we anticipated that a first and final dividend would be declared and paid to unsecured creditors in early 2021. Unfortunately, this dividend will be delayed and we now expect that we will be able to pay the dividend in 2022. More specific timing will be given as soon as possible.

We have one outstanding matter to conclude and investigate relating to a potential additional asset realisation. This matter needs to be completed before we can pay a dividend. We have completed the adjudication of a significant number of the unsecured creditor claims in preparation to declare a first and final dividend to creditors, but a small number of larger and more complex claims remain in the process of adjudication. We anticipate that this will be completed in the very near future.

If you are a creditor of the Company and have not yet submitted a claim, we would invite you to do so urgently by using the link to the statement of claim form attached below. 

We will update creditors on progress on the above matters and the revised estimated current dividend rates and timing of the distribution to unsecured creditors in the joint liquidators’ third annual progress report, which will be uploaded to this website in  March 2022.


Statement of claim form

 

Statement of claim forms
We are unable to acknowledge receipt of any statement of claim forms due to the high volume of claims. Further updates will be posted on this website so please keep checking for the latest information.

Please click on the customer quick link below for earlier updates

Documents Available to Download

Liquidation Documents 

Remuneration document - second revised fees estimate

Guide to creditors committees

The Joint liquidators' progress report from 21 January 2019 to 20 January 2020

The Joint liquidators' progress report from 21 January 2020 to 20 January 2021

The Joint liquidators' progress report from 21 January 2021 to 20 January 2022

Remuneration Document - Revised Fees Estimate

Administration Documents

Joint administrators' proposals for achieving the purpose of the administration

Statement of Affairs

Remuneration Report - Initial Information to Creditors including Fees Estimate

First and Final Progress Report

 

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