Department of Coffee and Social Affairs operator CCL 02 Limited has unsecured creditors totalling more than £1.6m after going into liquidation, a statement of affairs by liquidator Quantuma has revealed.

The company, which was part of Coffeesmiths Collective, is shown to have assets with a book value of more than £8m.

Quantuma estimates just £43,100 of this will be realised, all of which will go to preferential creditors.

The company’s total liabilities are £20.25m, of which £18.2m relates to shareholder funds.

Employees’ arrears and holiday pay, amounting to £32,851, is due to be paid to them as preferential creditors but a further £18,918 that is owed is unsecured.

Creditors include BNP Paribas, which is owed £357,265, and HMRC which is owed £395,399.

The Bread Factory, the wholesale arm of Gail’s Bakery is owed £22,023.

Other creditors include associated companies, including CWP London, which traded as Coffeeworks Project before being places into liquidation alongside CCL O2, and is listed as being owed £78,189.

The parent company’s co-founder and chairman, Stephan Allesch-Taylor, is listed as a shareholder, with 1.3 preference shares in CCL 02.

Silverstream Investments, led by Jonathan Copp, holds 5.1m preference shares.