A COLLAPSED Scottish pub chain is embroiled in allegations of accounting errors and other activity which together are claimed to have left investors nearly £500,000 out of pocket.
Alloa-based Maclay Group, which can trace its roots back to 1830, appointed administrators at Ernst & Young (EY) on Friday after facing an "unexpected funding requirement".
The collapse leaves more than 500 staff in 15 pubs facing an uncertain future.
Last night it emerged that two property investment vehicles for which Maclay ran pubs claim they are owed around £480,000.
The allegations appear in letters seen by The Herald received yesterday by shareholders in Thistle Pub Company II and Thistle Pub Company III - two Enterprise Investment Schemes (EIS).
The schemes were set up by Maclay to raise money to buy pubs, while offering a tax efficient way for people to invest.
Maclay took a fee from each EIS in return for managing the pubs under its Maclay Inns subsidiary.
Thistle II, which owns four pubs, transferred the management of the units to LT Management Services in August, while the seven owned by Thistle III switched to LT on Friday.
This left Maclay Group with a portfolio of 15 company-owned pubs and some in a joint venture with C&C Group, owner of Tennent's Lager, at the time it went into administration.
In a letter to shareholders in Thistle II, it is alleged that an investigation by external auditors revealed investors are owed around £150,000 by the Maclay Group.
Chairman Roy Summers said it is unlikely that the full £150,000 will be recovered now the Maclay Group is in administration.
He states in the letter: "A further investigation assisted by our external auditors have revealed more indebtedness potentially arising from overstating of income, incorrect allocations to the Company of fixed assets belonging to other Maclay companies and other accounting errors.
"In consequence the management charges rendered by Maclay Inns Limited were overstated."
The chairman of Thistle III, Alan Stewart, has told investors that every step will be taken to ensure the £330,000 it believes it is due from Maclay will be recovered, as well as costs.
A spokesman for the administrators said: "The administrators are currently forming a picture of Maclays' financial position - this includes collating a list of creditors."
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