A HEREFORDSHIRE road haulage company has gone bust owing more than £1.5 million, with liquidators appointed.

Ken's Tipper Hire Limited, also known as KTH, passed an extraordinary resolution to wind up the company, with that process now underway.

Ken's Tipper Hire Limited is separate from KTH Civils and Surfacing Limited which is still active. That is the separate company which runs the gravel yard in Bromyard, with Kyle and Callum Preece listed as directors.

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As for Ken's Tipper Hire, where Lee and Karen Preece are named as directors, Joph Young and Conrad Beighton of Leonard Curtis, a company specialising in corporate recovery, insolvency and business restructuring, were appointed voluntary liquidators on January 31.

A statement of affairs shows the company, which had a principal trading address of Brockhall Garages, Stretton Sugwas, Hereford, is being wound-up with debts of more than £1.5 million.

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Those creditors include nine employees, who are owed £111,740.92, Barclays Bank, which is owed £403,603 and HMRC, which is owed £550,934.66.

Local companies GM Joyce Surfacing Limited, of Kington, is owed £3,600, Hereford accounts Lockett and Co are owed £12,523 and Madley-based commercial vehicle specialists SD Commercials are owed £2,237.97.

A public notice published in the Gazette said that the company was being wound-up voluntarily.

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The joint liquidators have taken control of the company and will work to settle any outstanding contracts, sell assets to pay creditors, and can interview the directors and report on what went wrong in the business, according to the government website.

The liquidators and Lee Preece have been approached for comment.

The limited company, which had its registered office as Radnor House, Stanner, Kington, was founded in 1999, but the firm was started in the 1970s by Ken Preece