R E L A T E D C O N T E N T

Farepak parent company owes £80,000 to directors

Nicholas Neveling, Accountancy Age, 15 Jan 2007

Three ex-directors at Farepak parent are owed £80,000 according to PricewaterhouseCoopers

The former directors of European Home Retail (EHR), the parent company of collapsed savings club Farepak, are still owed just under £80,000 according to administrators from PricewaterhouseCoopers .

Reports in The Guardian indicate that the news emerged after PwC arranged the first creditors' meeting for European Home Retail .

Former EHR chief executive William Rollason, former finance director Chris Hulland, and Sir Clive Thompson, the former chairman, are all owed money.

However, the directors are unlikely to see a penny of the £80,000. Group bank HBOS is still owed £32m and Farepak is owed more than £54m. The sale of EHR's non-Farepak subsidiaries for £34m in October 2006 will not cover all the debts.

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