One of Birmingham's oldest printing firms, which ceased trading after 157 years, has paid off its creditors to the tune of over £300,000 nearly a year on from its collapse.
Bookbinding and print finishing firm Henry Mills, which operated from premises on Chester Street in Aston, was forced to close its doors last November amid falling sales and increasing online competition.
Coventry- and Birmingham-based business recovery and insolvency experts Poppleton & Appleby was appointed administrator and, following the successful sale of the premises and machinery, Henry Mills was able to pay its creditors in total.
A total of 16 staff were hit by the closure of the company, which had been run by the same owners - the Lawrence family - for four generations since 1914.
A total of 24 unsecured creditors were paid £202,967.62, 17 preferential creditors received £13,757.63 and the bank was paid £89,896.30. Interest on creditor claims was £13,372.85.
Matt Hardy, of Poppleton & Appleby, said: "Henry Mills had been operating since 1855 but, after suffering a significant drop in turnover and following a period of decline, the business made the decision to cease trading.
"It is thanks to the quick recovery of the outstanding sales ledger and a successful sale of the premises and machinery that Henry Mills has been able to pay its creditors, plus statutory interest with an expected return to shareholders."