ONLY banks and redundant staff recovered any money from the collapse of long-standing Ledbury firm Stuart Houghton Ltd.

Bristol-based administrator Baker Tilly has issued its final report on the company's affairs.

The giftware firm, of Little Marcle Road, went into receivership on August 11 last year with creditors owed just over £1 million.

Around 40 people lost their jobs and the administrator says it has met redundancy in full.

However, for shareholders and creditors there is nothing.

Baker Tilley raised £204,100 from recovery of debts and sale of assets, around £10,000 less than was hoped due to a German creditor itself going into administration owing around £16,000.

The preferential creditors were the Royal Bank of Scotland, paid out in full, and Barclays Bank, which received just over 22p in the pound.

Baker Tilley claimed around £56,000 for its services and there was nothing for the small-scale creditors, like cleaners, stationary suppliers and giftware suppliers, inlcuding the Hong Kong-based Ngai Lam Jewellery Co, which has lost over £60,000.

Shareholders have also been left with nothing, including Mr Houghton, of Colwall, whose majority holding was valued at more than £225,000.

The Stuart Houghton brand was sold to the Manuscript Pen Company, of Highley, Shropshire, in September.