The South Yorkshire-based stationery printer and marketing firm appointed Robert Adamson and Tim Askahm of insolvency practitioner Mazars on 19 August and was bought by Paragon UK on the same day for an agreed sum of £255,000, according to the administrators' report.
The sum of £155,000 was due at the time of completion of the sale agreement with the remaining balance paid in two monthly installments on 30 September and 31 October.
According to the administrators' report, at the time Mazars was appointed, Horner Brothers owed unsecured creditors £1.37m, including liabilities due to HMRC of £379,291, and £989,408 to suppliers.
Among the list of 175 claims, many from small printers and finishing firms, the major creditors include Antalis, which is owed £163,170, Elliot Baxter with an outstanding sum of £92,518, Robert Horne Group was owed £70,164 and Premier Paper Group was owed £59,034.
Unsecured creditors are expected to receive dividends of around three pence per pound, according to the administrators’ proposals.
At the time of its acquisition Horners, which had an annual turnover of £7.8m, employed 90 staff at its Rotherham facility, all of whom have transferred under Tupe regulations to Paragon.
General manager of Paragon UK, Ann Harrington said: “Following a successful acquisition, we have strong plans for Horner Brothers and will be announcing our future strategy for the business in the coming months.
"At present our immediate concern is to integrate the business and begin to grow its position within the marketplace, with the backing, knowledge and expertise of the Paragon Group.”
Paragon Group employs 1,300 people across Europe and has a turnover of around €160m (£134m).
