An independent shopfitters which has been operating in Norfolk for five decades has gone into liquidation owing more than £500,000.

As a result, 16 people have been made redundant.

Vincents Shopfitters, based in Newton St Faith, has an estimated deficit of £552,810 outstanding to creditors.

Liquidator RSM Restructuring Advisory - which was appointed at the start of the month - said it was "unlikely" a return would be made to unsecured creditors.

Eastern Daily Press: Vincents Shopfitters at Priory Works in Newton St Faith.Vincents Shopfitters at Priory Works in Newton St Faith. (Image: Archant 2021)

However an "amount" of the £30,578 owed to former staff in holiday and arrears was expected to be paid.

A spokeswoman for RSM said: "The firm operated as a successful shop fitting service to many high street names over a 50-year period.

"Vincents (Shopfitters) Limited had foreseen a future of successful trading with a strong orderbook of work for 2019 Q4 and the rest of 2020.

"Unfortunately, as the pandemic hit in 2020 many of the company’s client base were forced to cease trading and close non-essential retail stores.

"Covid-19 has had a major impact on the retail sector, resulting in an unstainable fall in customer orders and cancelations. As a result of their exposure to the sector, Vincents (Shopfitters) ceased trading on May 14, 2021 after finalising its remaining projects.

"All 16 staff have been made redundant and the business has been wound up. It is unlikely a return will be made to unsecured creditors; an amount will be returned to preferential creditors.

"RSM Restructuring Advisory is working with Vincents (Shopfitters) with a view to maximising realisations for creditors."

The company has in excess of £178,000 in assets to cover its debts.

The majority of this is in book debts totalling £126,261 and in excess of £25,000 in the bank.

A further £12,900 is estimated to realise in plants and machinery, though this is a devaluation from £33,215 registered on the books.

However, after the preferential £30,000 sum is paid to staff, HMRC is owed just over £271,000.

Unsecured creditors include £158,301 to trade and expense creditors, a further £9,413 to HMRC which is unsecured, and £259,918 to employees and directors - also unsecured.