The former managing director of collapsed builders’ merchants A Thompson & Sons has been declared bankrupt.
Anne Ganley ran the Wearside-heaquartered firm and its sister business TAPS (Thompson Associated Plumbing Supplies) plumbers merchants until financial difficulties led to administrators from KPMG being appointed in January.
The daughter of the firm’s founder Albert Thompson, had hoped to save the company, which grew from a rag-and-bone round to a £12m a year business.
However, a winding-up petition from HM Revenue and Customs had forced it into administration, and weeks later it was bought out by Grafton Merchanting GB Ltd for £752,000 – a fraction of the firm’s turnover 10 years ago.
A document filed at the London Gazette now shows that Ganley, a former North East Woman Entrepreneur of the Year, was declared bankrupt at Sunderland County Court on October 16, after a creditor’s petition was brought by Wolseley UK Ltd, a global trade distributor of plumbing and heating products and a leading supplier of building materials.
An administrators’ progress report last month showed the estimated value of unsecured creditors for A Thompson & Sons is £5m, but states they don’t anticipate any distribution will be paid out “including by way of a prescribed part”.
It also shows that Albert Thompson, Anne Ganley’s brother, has a debt due from the company – renamed ATS Realisations Ltd by KPMG – of around £1.6m but that “it is anticipated that Mr Thompson will not receive a distribution in respect of his debt. Thompson ran Thompsons Building Centres alongside Ganley for more than 25 years until April 2008, when his sibling bought out her brother’s half of the business.