The Kettering-based digital press manufacturer was placed into creditors’ voluntary liquidation by its owners earlier this year, following what proved to be an unsuccessful decision to restructure its book press operations in 2014.

Timsons’ parent firm, EAT (Holdings) Ltd, was the single-biggest creditor and is owed £2.1m. Other related firms, Perfecta Assets Ltd and Timsons Engineering Ltd, are owed £130,141 and £304,284 respectively.

EAT (Holdings) had shareholders’ funds of £15.9m according to its most recent accounts, for the year to 31 March 2014. It is majority owned by members of the Brown family. Elizabeth Jane Brown and the executors of Peter Brown hold the largest stakes.

Kodak was the single-biggest trade creditor of Timsons Ltd. The firm’s European HQ was owed £608,869 and its UK business a further £27,818.

Kodak and Timsons had partnered on the development of the T-Press/T-Print digital book production system, which used Kodak’s Stream inkjet heads.

Other printing industry creditors included French book printer Normandie Roto, which was owed £237,976. Grafikontrol was owed £67,923; Goss Contiweb £26,064; and Megtec Systems was due £20,775.

Future rent to an unspecified landlord amounted to £56,545.

A host of local electronics and engineering companies were among the smaller creditors.

Employees were owed a total of £364,660 while HMRC was owed £116,391 in PAYE and £900 in VAT. 

The estimated total deficiency for the business, according to the statement of affairs prepared by the liquidators at BRI Business Recovery & Insolvency, was £3.9m after taking account of £881,624 in assets available to unsecured creditors.

Timsons Engineering continues to operate as a separate company and is not affected by the liquidation of Timsons Ltd.