Great Yarmouth commercial decorating firm Figiel Painting closes with £160,000 debts
- Credit: Archant
A commercial painting and decorating business has closed with debts of £160,000, with administrators pointing to cashflow pressures.
Great Yarmouth-based Figiel Painting has appointed insolvency practitioner Jamie Playford, of Leading Corporate Recovery, to oversee the sale of its assets.
Twelve employees were made redundant after the company, which was turning over £750,000 at its peak, ran into difficulties and closed on July 31.
Revenues had dropped to £575,000, creating cashflow pressure and, with some customers paying late, this caused a build-up in debt to HMRC, said Leading.
Kelly Goodman, client executive at Leading, is working to collect around £80,000 in invoices owed to the company in order to provide a return to creditors. She said she was confident of 'a substantial recovery' for them, adding that the firm was supporting employees who had lost their jobs.