Administrators see 'no prospects of recovery for the ongoing business', and have initiated a closing down procedure of the decorating chain. Twelve of the 16 retail outlets that were still trading have already closed.
A report sent to creditors on March 26, shows that more than three quarters of a million pounds is owed to trade creditors. However, the report also stated "it is likely that there will not be distribution to unsecured creditors".

The only creditor likely to get any meaningful recompense is the 'floating charge holder', Davrom Holdings Limited.

The company, owned by Divalimit director Roy Gabbie, was granted a debenture over the company's assets in December 2008 to secure a £1.2m loan to buy Divalimit. All freehold property was transferred to Davrom in 2009 in part-consideration of the debt.

Administrators Hodgsons advised that any creditor claims need to be received by 12pm tomorrow (April 14).