Coldseal Group leaves thousands out of pocket

IT WAS on October 14 this year that the board of Cold-seal Group brought their business to a close, leaving a £14m trail of debt and thousands of people out of pocket.

Coldseal Group was the latest in a line of Coldseal companies to go to the wall, accused of the cynical practice of phoenixing.

Other names familiar to disgruntled customers include Bryco, Coldseal, Coldseal Limited, or Cold-seal Windows and Doors.

Chartered accountants Berley were appointed as liquidator in the wake of the latest collapse.

A spokesman for Berley told the ECHO that the official receiver has launched an inquiry into the various Coldseal collapses.

He added: "There is nothing left, no assets, no guarantees for the customers."

Coldseal Limited went into liquidation with debts of £3m in February 2004.

It had no assets because they had been sold to a newly created firm, Cold-seal Group, just two months earlier.

Last month Coldseal Group was placed in liquidation with debts of £14m, shortly after its assets were sold to a new company, the Carthium Group.

The Carthium Group Ltd has its registered offices at a solicitors' firm called Wollastons in Chelmsford, Essex.

Karl Williams, whose address is listed as Upminster, in Essex, but is currently believed to live in Derbyshire, is among its directors listed with Companies House.

Mr Williams resigned as a director of Coldseal Group Ltd on August 23, 2003. Two days earlier we was appointed director of the Carthium Group.

Nobody at Wollastons was willing to speak to the Liverpool ECHO.

Source Liverpool Echo