12:31 pm, November 1, 2022
Failed online used car business Carzam owes its founders more than £12m.
The company – established by Big Motoring World owner Peter Waddell and entrepreneur John Bailey in 2020 with an initial £50m investment from them both – went into voluntary receivership on June 1 this year.
Now joint administrators Adam Stephens and Greg Palfrey, of Evelyn Partners LLP (f0rmerly Smith & Williamson LLP), have released a statement of affairs that includes an estimate of Carzam’s total assets and what they’re likely to fetch for creditors.
The statement also lists 48 creditors, including founders Waddell and Bailey, with the total debt coming to just over £18.9m.
Waddell is listed as being personally owed £2m and more than £4m via Peter Waddell Holdco Ltd. Meanwhile, Bailey is owed £6.25m.
Big Motoring World is owed more than £3m.
Other creditors and claimants include Auto Trader – which is owed more than half a million pounds – and Dundee-based vehicle maintenance and repair outfit Carmeleon Arc, which has registered a claim for nearly £650,000.
In full, the creditors/claimants and what they’re owed is as follows:
- Accident Credit Group – £76,253.28
- ADZ Creative & Digital Ltd – £10,537.50
- All Waste Skip Hire Ltd – £2,016.00
- Allscreens Nationwide Ltd – £15,790.80
- Alto Automotive Ltd – £1,440.00
- Amido Ltd – £155,220.00
- Auto Trader Ltd – £547,717.97
- Bapchild Motoring World (Kent) Ltd t/a Big Motoring World – £3,162,600.00
- Blackhorse Finance – £9,844.16
- Calltracks Ltd – £4,919.20
- CarGurus Ireland Ltd – £113,400.00
- Carmeleon Arc Ltd – £643,698.00
- Cathedral Leasing Ltd – £1,364.91
- Chambers Talent Ltd – £12,480.00
- Chipsaway – £144.00
- ClicknDrive Ltd – £264,615.31
- Clickthrough Marketing Ltd – £196,499.57
- Cloud, Voice & Data Ltd – £210,948.32
- Codeweavers Ltd – £2,430.00
- Cowan Recovery Ltd – £3,198.29
- Custom Cars Ltd – £9,827.00
- Drainmar Ltd – £1,782.00
- Enochian Ltd – £7,342.92
- Euro Car Parts Ltd – £2,837.57
- Forde Recruitment Ltd – £2,250.00
- Gately plc – £16,794.00
- GBA Technical Services Ltd – £93,217.63
- Greengate Garage Ltd – £1,070.00
- Ivybridge Consulting Ltd – £8,472.37
- Intertechnic UK Ltd – £6,285.85
- John Bailey – £6,250,000.00
- KPMG – £166,192.80
- Michael Page International Recruitment Ltd – £25,549.10
- Peter Waddell – £2,000,000.00
- Peter Waddell Holdco Ltd – £4,147,500.00
- Pentesec Ltd – £4,140.00
- PMA Ltd – £3,600.00
- Prestige Fleet Servicing Ltd – £86,316.59
- Recruitment Agenda Ltd – £18,000.00
- Revive Auto Innovations (UK) Ltd – £54,462.00
- RSK Tyres Ltd – £6,276.00
- Sector Support Services Ltd – £1,360.80
- Sensi Labs Ltd – £494,672.52
- Silk Automotive Ltd – £15,862.43
- Straight 6ix Autowerkes – £18,391.50
- Sty.com Ltd – £8,468.20
- The Yard Creative Ltd – £28,764.00
- Touch Ups Ltd – £8,910.00
The assets include computer and office equipment, vehicles and cash in the bank, totalling just over £9m.
However, they are only estimated to fetch £418,277 in all.
Waddell quit as director of Carzam in April, a month after ex-Paddy Power chief executive Andy McCue left his post as Carzam’s executive chairman just over three months after joining.
Carzam chief executive Kirk O’Callaghan resigned from his post of director soon after.
Pictured at top are Peter Waddell, left, and John Bailey
