Almost 40 people at a interior designer for luxury yachts and private planes have lost their jobs after the Fakenham-based company collapsed owing £2.67million.

Paul Davis of Bulcher Philips, the administrator for Struik & Hamerslag, said: "This is a decision no one wants to make in the run up to Christmas. It has been a difficult year for staff and managers alike given the pandemic but unfortunately the business simply could no longer trade.

"Unfortunately for the company where it was very profitable a few years ago that has somewhat changed in recent years. This was partly due to some clients not paying for work which was carried out but also because of the pandemic.

"Although the business had a parent company it does not have unlimited funds - and that money eventually ran out.

"Managers of the company have thanked staff for all their work."

The firm owed creditors £2.67 million according to its latest company accounts - published in June for the year ending December 2019.

However, a portion of this could potentially be paid off by funds coming in from the businesses debtors and with cash in the bank totalling £884,375.

The majority of the monies owed (£827,855) is to the businesses' ultimate parent company Struik & Hamerslag Investments which is based in the Netherlands.

A further £335,003 is owed to its immediate parent company S&H Holding.

Trade creditors were owed £54,523.

Trade creditors - which the administrators are contacting - are invited to email miriam@buchlerphillips.com.