An update from administrator Begbies Traynor reveals the scale of the specialist’s debt after it went down last month.
Documents filed at Companies House show 481 firms were left holding unpaid invoices totalling £10.4m which are now worthless.
The report revealed a disastrous expansion into new build following a series of management buy-outs was the company’s undoing.
Paramount expanded out of its traditional fit-out business last year to launch four new-build housing developments.
The construction schemes were soon found to be loss-making after it was discovered they had been under-priced and inaccurately accounted for.
The director responsible for the construction projects left the business soon after but restructuring plans were unable to save it.
Last published account for the financial year to June 2022 show the specialist turned over around £30m delivering a £1m pre-tax profit.
