A Telford company which folded with the loss of 30 jobs owed creditors more than £720,000, it emerged today.

Eyre Electrical Shropshire Ltd, based at Hadley Park, closed in February after 20 years in the town.

Its operations – Eyre Electrical and Castle Security Systems – ceased trading. Insolvency expert Kevin Lucas, who has been working with the firm through its liquidation, said: “Creditors are owed £727,638.

“The director was one of those creditors and he lost just under £140,000.”

More than 60 parties are owed money by the firm, Mr Lucas said. Director Paul Turner said today he did not wish to comment.

Mr Lucas, of Barringtons chartered accountants in Newcastle-under-Lyme, said the company had just under £395,000 in potential assets, but due to the nature of the construction business, he was not confident they would recover more than about 20 per cent of this.

The money included amounts owed to Eyre Electrical by other firms.

He said agents were dealing with the sale of general office equipment and cars, which was expected to raise about £25,000.

So far, the company has received correspondence from more than 30 creditors for claims totalling £518,000, Mr Lucas said.

No funds had yet been raised from realising any of the firm’s assets and claims would be dealt with on a pro-rata basis. Former employers would be first in line for their claim to be dealt with, followed by the company bank, Lloyds TSB, he added.

Any other creditors to submit a claim would be given a percentage of funds raised by the sale of assets, in accordance with the size of their claim, he said.

The business was badly affected last year, when two firms failed to pay it several hundred thousand pounds.

Eyre Electrical was owed £180,000 by Shifnal-based Wrekin Construction which went into administration last March. It was also owed £100,000 by Birmingham firm Beechnut Conversions Ltd which went into liquidation in June.

Mr Lucas said in February the losses had had a dramatic effect on the company.