An independent shop fitter who has operated in Norfolk for five decades has been put into liquidation for over £ 500,000.
As a result, 16 people were made redundant.
Vincents Shopfitters, based in Newton St Faith, has an estimated deficit of £ 552,810 to its creditors.
Liquidator RSM Restructuring Advisory – who was appointed earlier this month – said it was “unlikely” that a return would be made to unsecured creditors.
However, an “amount” of the £ 30,578 owed to former staff on vacation and in arrears had to be paid.
A spokesperson for RSM said: “The company has operated as a successful store fitting service for many street names over a period of 50 years.
Vincents (Shopfitters) Limited had forecast a successful trading future with a strong order book for the fourth quarter of 2019 and the remainder of 2020.
“Unfortunately, as the pandemic struck in 2020, many of the company’s customers were forced to go out of business and close non-essential retail stores.
“Covid-19 has had a major impact on the retail sector, leading to an unsustainable drop in orders and customer cancellations. Due to their exposure to the sector, Vincents (Shopfitters) ceased operations on May 14, 2021 after finalizing its projects balance.
“The 16 employees were laid off and the company was liquidated. It is unlikely that a return will be made to unsecured creditors; an amount will be returned to preferred creditors.
“RSM Restructuring Advisory works with Vincents (Shopfitters) to maximize achievements for creditors.”
The company has more than £ 178,000 in assets to cover its debts.
The majority of this amount is made up of book debts totaling £ 126,261 and exceeding £ 25,000 to the bank.
It is estimated that an additional £ 12,900 is expected to be made in factories and machinery, although this is a devaluation from the £ 33,215 recorded in the books.
However, once the preferential sum of £ 30,000 is paid to staff, HMRC owes just over £ 271,000.
Unsecured creditors include £ 158,301 to trade and expense creditors, an additional £ 9,413 to HMRC who are unsecured and £ 259,918 to employees and directors – also unsecured.