Unsecured creditors, including several paper companies, are owed a total of £457,248.
In a statement to creditors, Multiplex Techniques (UK) directors Myles Bunyard and Garnet Eve said the firm had been hamstrung by poor cashflow and had struggled after losing two government contracts in March. Bunyard’s brother Ross was the company secretary.
The Kent-based company, formed by Myles and Ross Bunyard, bought the assets of Multiplex Techniques last year.
The firm traded heavily with Slough-based SMS Howards Labels, which was bought by the Bunyard brothers after they became involved in March.
However, SMS Howards Labels ceased trading in June. Its leased machinery and 38 of its staff then transferred to a company operating in the same road called SMS Howard, fronted by directors Myles Bunyard and Martin Brown.
Multiplex Techniques (UK) suffered cashflow problems because customers were paying via BACS transfer into two bank accounts belonging to the previous-Multiplex Techniques, as well as the bank account of the receivers. Funds amounting to £133,000 are still being held by its bank.
Last month 20 staff said they were still owed money by the company and were unable to claim for statutory redundancy as it had not been placed into liquidation.
Story by John Davies
