Specialist building and fit-out firm Killby & Gayford collapsed owing some £34m, its administrator’s report has revealed.
Some £27.2m of that is owed to unsecured creditors, who could have to wait up to 18 months to see what if any money is available to them, administrator Danny Dartnail of BDO warned.
The remainder is made up of a loan from main shareholder Growth Capital Partners (GCP) and one from the Bank of Scotland.
Two of the largest creditors are Crown House Technologies at £271,440 and electrical contractor CE Roberts at £218,239.
Killby & Gayford underwent a management buyout in 2007 backed by GCP and the HBOS bank.
It had specialised in work for the banking, healthcare, education and heritage sectors and was hit badly by the downturn in work for banks following the start of the recession in 2008, Mr Dartnail said.
With GCP unwilling to provide more money, an attempt to sell the company as a going concern collapsed in April and BDO was appointed.
Killby & Gayford operated from London, Billericay, Cambridge and Leeds and employed some 260 people. almost all of whom lost their jobs in April.
Mr Dartnail said he expected to pay in full £505,000 of arrears of wages and holiday pay due to staff.