BUSINESS FAILURE

New Zealand Herald, Volume LXXV, Issue 23215, 8 December 1938, Page 12

BUSINESS FAILURE

LONDON MILK BAR FIRM AUSTRALIAN FOUNDER MR. McINTOSH'S LOSSES [from oub own corbespondekt] LONDON, Not. 14 "I shall be back," said the Hon. Hugh D. Mcintosh, formerly of Sydney, where he was prominent in theatrical and sporting circles, in an interview' in London this week. His statement followed a meeting of the creditors of Black and "White Milk Bars, Limited, which he founded in 1935. The meeting decided to appoint two liquidators. "I had put my heart and soul into this business, and plenty of my money, too, and now I have finished with it all," continued Mr. : Mclntosh. "Bat I can take it on 'the chin. I have plans running through my head for something which I think will give everybody a surprise. No! It is a secret. But I hope that when I can disclose my idea# it will catch on as milk bars have done. "When I opened England's first milk bar over three years ago," said Mr. Mcintosh, "I founded a new industry in the face of amused incredulity. There are now 1300 milk bars in this country, of which I had 17. Thousands of people are being given employment through that idea of mine. k "I was the second largest shareholder in Black and "White —and I hare practically nothing, to show for the years of labour which I have put into the business. AVe went ahead too fast. The responsibility is mine. We did not have enough capital. Every one of our centres has made a profit this year, in spite of the bad summer, and last year we made £II,OOO. Creditors put'-in proofs of debts amounting to £10,339, and Messrs. Hoare and Company, bankers, proof ot a debt of £II,OOO. It is understood that claims on the company will rank at £26,023, but that ■ realised assets should amount to £52,754.