The company was placed into voluntary liquidation in August 2022, with directors Paul and Alan Young confident at the time that it would be able to pay off all its debts in full within 12 months, and even produce a surplus.

The brothers signed a Declaration of Solvency to that effect.

However, after the property failed to sell the process moved into an insolvent liquidation earlier this year.

The original estimated value of its freehold factory has turned out to be wildly over-optimistic.

It was initially on the market for £1.75m.

The 1,417sqm property on the Sydenham Industrial Estate is for sale via EHB Reeves.

Over the intervening 15 months the asking price has been reduced multiple times, and it is now on the market for just £1.15m.

According to the latest report from liquidators at Larking Gowen, two offers had been made for the factory, one for £1.5m in October 2022 and one for £1m in July, but both ended up being withdrawn.

Joint liquidator Andrew Kelsall stated: “Since the end of the reporting period, I confirm that the asking price for the property has been further reduced and is now being marketed for £1.15m. I will continue to consider the strategy for selling the property however I am committed to obtaining the best possible price for creditors.”

The building had been on Warwick’s books with a value of £1.48m.

Kelsall said that unsecured, non-preferential creditors should eventually receive some sort of dividend.

“The timing and exact quantum of the dividend is uncertain, as I am unable to estimate this until the property has sold and all creditor claims have been received.”

Trade and expense creditors are owed £874,912.