National Interior Services (NIS) was left with a near-£180,000 bad debt after Futurama failed to pay the supplier for furniture, including desks and kitchens, supplied for a refit at Lloyds Banking Group branches.
Although Lloyds paid Futurama for the works, Futurama had not paid NIS by the time it went into administration in May.
NIS managing director Julian Wyles said the firm had retention of title on the goods that it had supplied and was in the process of exerting its rights to remove the items.
“We were a sub-contractor for them on the Lloyds Bank and Halifax refresh last September. In January they said they had cashflow problems and we said would we work with them on a ‘paid when paid’ basis.
“They got paid by Lloyds Bank and didn’t forward the money, and now they’ve gone into administration.”
Wyles said his company had now issued Lloyds with a timescale regarding gaining access to branches for recovery of the items.
A spokesperson for Lloyds Banking Group commented: “We deeply sympathise with National Interior Services Ltd’s situation and would urge them to work with Futurama’s administrator to achieve the best outcome for them.
“Unfortunately, we are unable to intervene in the administration process and having paid Futurama in full for the work and materials, there is nothing more we can do to assist.”
Manchester-headquartered PFI Group acquired Futurama in 2020, with the deal announced in April. Rymack Sign Solutions, which trades as PFI Group, was listed as the controlling party four months afterwards.
“I had worked for Futurama for 15 years and they had been a brilliant company to work for until PFI Group got involved,” Wyles added.
“It’s a sad demise, all those good people with no job.”
According to estimates provided by administrators at FRP Advisory, Futurama had sales of £17m in 2021 and left a massive total shortfall of £6.26m. Trade and expense creditors were owed £4.66m including nearly £1.25m owed to other PFI Group companies.
NIS is among a number of SME businesses to have been impacted by Futurama’s collapse.
The current estimated outcome for unsecured creditors is nil.
PFI Group CEO Darren McMurray told Printweek that industry speculation that the Lloyds contract previously held by Futurama was now being handled by another part of the group was incorrect:
He said: “We continue to work through the issues caused by the Futurama administration and are currently strengthening the senior leadership team with some experienced appointments (to be announced shortly).”
“With regards to NIS, I’m not able to comment on matters that are for the administrators but I can confirm that the Lloyds contract has definitely not been transferred to Kesslers.”
Futurama had specialised in the supply of branded environments and brand roll-outs to a raft of blue-chip clients including major retailers, banks, and motor manufacturers.
