A construction company with just £77 in the bank has gone bust after racking up debts of almost £800,000.

Ashford Timber Limited, trading as National Stables from Badlesmere near Faversham, has entered creditors’ voluntary liquidation following mounting financial pressure and a long list of companies it owes money to.

On its Instagram page, National Stables calls itself “one of the UK's leading timber building manufacturers”, offering its services across the country.

However, following a creditors’ meeting in June, Fortis Insolvency was appointed liquidator and will now be pressed to recover as much cash as possible to repay Ashford Timber’s debts.

In a report prepared last month by Fortis, it was revealed the firm has just £77 in its bank account, with almost all of its incoming funds

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