10/29/2010 10:22:00 AM
Fone Solutions owes creditors £700,000
Fone Solutions is facing liquidation owing over £700,000 which includes £60,000 to Yes Telecom, £22,500 to Data Select and £17,000 to Base Communications.
The Gateshead firm is also owed £1.138m in book debt, which includes unpaid revenues from operators.
The dealer’s debts were revealed in a letter from the Official Receiver’s Office in Newcastle. It invites creditors to a hearing on the liquidation of Look and Listen, which trades as Fone Solutions, on 9 November.
The letter states Fone Solutions’ debts include a £15,000 director’s loan, a £90,000 bank overdraft to HSBC, a debt of £173,000 to the Inland Revenue and another £430,000 owed to ‘other creditors’.
A creditors list, leaked to Mobile, reveals over 20 creditors and the monies they are owed. (See below).
Fone Solutions went into compulsory liquidation following a winding up petition issued by Redress Financial Management in August.
In the same month Fone Solutions was dropped by Vodafone as a Yes Telecom strategic partner. Yes Telecom, now known as Vodafone Partner Services, said at the time it had concerns about the company’s financial viability.
The firm is thought to have been dropped by T-Mobile late last year and in 2008, O2 issued a ‘do not deal’ notice on Fone Solutions.
In March this year Fone Solutions merged with the Liverpool-based Corporate Mobiles and Base Communications to form Fone Solutions Telecoms Group. Mobile understands Fone Solutions owes both companies £8,000 and £17,000 respectively.
Creditors claim Fone Solutions owes far more than the £730,000 estimated by the Official Receiver’s Office. One source said: ‘The creditors list does not include any of Fone Solutions customers that have large amounts of cashback which could be in the region of £250,000. It is disgraceful that this company was allowed to trade for so long with this amount of debt. The networks should have pulled the plug sooner.’
Fone Solutions’ main creditors
• Avenir Telecommunications £8,000
• Barker Telecommunications £11,000
• Base Communications (Liverpool) £17,000
• Business Communications £4,000
• Cobus Communications £15,700
• Corporate Mobile Connections £8,000
• Data Select £22,500
• Data and Voice Technology £9,000
• Elite Mobile £3,500
• Frequency Telecom £5,000
• Bridge Solutions and Services £8,500
• MM Business Consultancy £40,000
• Network M £10,000
• North East Communications £17,500
• NRC Direct £3,800
• Select Telecom (Glasgow) £3,000
• SHP Ltd £5,500
• T-Mobile £4,400
• Tyne Tees Telecom £1,400
• Yes Telecom £60,000