Receiver sess little hope of a trade sale.

Investment company Hellaby Holdings will only get back a quarter of the amount still outstanding from its disastrous investment in the BBQ Factory.

The company is still owed $4.44 million from the $5.8 million outstanding from the June 2008 sale and announced today it only expects to recover about 25% of the outstanding debt over the next three months.

Hellaby managing director John Williamson said the investment company had now reached a settlement with the consortium that bought BBQ Factory in June 2008.

Hellaby Holdings has vastly improved on last year’s poor result, posting an annual profit for 2008 of $4.7 million compared to a $9.8 million loss in 2007.

The investment company has divested three non core businesses -  Levana Textiles, 49 per cent of Bombay Petfoods and its disaster buy the BBQ Factory – and is positive about the prospects for its four remaining divisions: automotive, equipment, packaging and footwear.