FORMER workers at collapsed coach company Fraser Eagle will get just a third of the wages they are owed, it has been revealed.
Administrators are set to formally liquidate the 92-year-old firm after a restructuring process that cost more than £500,000.
Experts at Manchester-based Baker Tilly struggled to raise cash after picking through the company’s accounts following Fraser Eagle’s collapse in March 2009.
It means that more than 100 employees, who are owed £104,249 in wages and holiday pay, will get just £35,995, or 34.5p in every pound.
Meanwhile, Fraser Eagle’s backers, Barclays and Bank of Scotland, have also been left out of pocket.
The banks are owed £386,000 and £42,000 respectively.
A report filed at Companies House reveals how administrators attempted to claw back cash for creditors of the coach company, whose head office was on the Shuttleworth Mead business park in Padiham.
They recouped almost £170,000 from a bus operators’ rebate from the Government, £76,000 for fixtures and fittings and almost £32,000 for vehicles.
Four properties owned by sister company Fraser Eagle Property Holding Company sold for £2.8million, which helped to part-reimburse Barclays and Bank of Scotland.
Baker Tilly is now set to formally close down Fraser Eagle through a creditors’ voluntary liquidation.
The report reveals that the entire administration process, including fees to solicitors and advisors, cost more than £510,000.
Fraser Eagle started life as Fraser Motors in Accrington in 1919, offering coach trips to Blackpool.
However, debts led to administrators being appointed in March 2009. More than 120 staff were laid off soon after.