'Uncertain' whether John Pettit customers will get their money back as liquidator winds up historic butcher
By Grimsby Telegraph | Posted: 13 Nov 2017
Customers and creditors left out of pocket to an understood total of £253,000 by failed Grimsby butcher John Pettit and Sons Ltd have been warned that the chance of seeing any money returned to them is “currently uncertain”.
Liquidator Sarah Burge has also told how it may be some time before the final outcome is known, with assets to be assessed and disposed of.
The 125-year-old business closed suddenly last month, listing the loss of major catering contracts as the reason for its demise. A total of 12 people lost their jobs in the fourth-generation business.
Pettits, as it was known, operated a Christmas savings stamp scheme and sold vouchers for the award-winning meats over the iconic Bethlehem Street counter.
A second outlet in Cleethorpes’ St Peter’s Avenue had been closed at the start of October, having operated since 2013.
The meeting of creditors, who were sent out details of the company’s finances earlier this week, was held this morning, confirming Mrs Burge, of Kingsbridge Corporate Solutions, as the liquidator.
John Pettit's butcher has been in the family and on Bethlehem Street for generations
In a statement issued through the insolvency specialist following the meeting, the company directors said: “Creditors had the opportunity to discuss the report and the statement of the company’s financial affairs which had been sent to them by the liquidator prior to the meeting and to ask questions.
“The liquidator will now continue to wind up the affairs of the company and determine whether it will be possible for creditors, including those customers who bought vouchers or savings stamps prior to the closure of the business, to receive any payment from the company’s assets in partial payment of their claims.
“The liquidator commented that the return for creditors, including customers, is currently uncertain and it may be some time before the outcome becomes clear.”
Phil Frejiszyn has been left £90 out of pocket
Phil Frejiszyn, 64, of Healing, is resigned to losing the £90 he had saved, but said his thoughts are with those who have lost more. One woman he met had £350 in savings stamps, and he expressed his sympathy for the staff who may be facing up to Christmas without a job.
“I never thought I would see any of it,” he said. “If we see 10 per cent of what we are owed I think we will be very lucky. In an ideal world you would have thought that money paid in by customers would have sat in a separate account, but that’s in an ideal world. I just think of the lady I met and the staff out of work for Christmas; there is always someone worse off.”