THE collapse of the Unwins off-licence chain has deprived former family shareholders of at least £10 million that they were owed. They have received less than a third of the money due to them from the sale of the company to DM Private Equity (DMPE) earlier this year.

The 84 shareholders, mainly from the Wetz or Rotter branches of the family that had owned Unwins since 1921, received an initial sum of about £5 million when the £32 million sale was agreed in March. At least a further £10 million was due under a complex formula that would have seen them receive 90 per cent of the group’s net asset value.

However, the collapse of Unwins into administration this week has scuppered any chance the family had of receiving the money. All 350 stores have been closed and about 1,800 staff have lost their jobs.

Administrators from KPMG are trying to sell the shops. A deal was close to being finalised last night. Potential buyers are thought to be DMPE; Castel, the owner of Oddbins; Wine Cellar; and Whittals Wines.

DMPE plans to sue the former directors of Unwins, all 84 family shareholders and its former auditors, claiming to have discovered a £13.2 million black hole in its finances.

Analysts have questioned how a company that three months ago was talking about plans for an AIM flotation could suddenly be forced into administration. It is believed that Unwins has debts of more than £30 million, despite pocketing £25 million from a sale and leaseback.

Fears have also been raised about staff pensions after it emerged that money deducted from recent pay packets has not been paid into staff members’ Friends Provident pensions. Some staff face possible eviction from flats above the stores they work in as they struggle to meet rent bills after losing their jobs.

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