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Trade creditors are chasing 拢6.5m in unpaid contracts after the collapse of century-old Nottinghamshire-based contractor Herbert Baggaley Construction.

Administrator KPMG estimates 拢2m can be found to pay trade creditors, leaving an estimated 拢4.5m shortfall.

In a creditors report filed at Companies House this week, KPMG said the general downturn in the economy and decreased activity and margins had forced the firm under.

A further 17 staff have been made redundant since February, when 83 staff lost their jobs. Only four staff are now retained.

KPMG is able to pay preferential creditors 鈥� which comprises wages and holiday pay for the firm鈥檚 former and current staff 鈥� in full at 拢73,425.

The Mansfield-based firm, which dates back to 1908, made a 拢1m loss in both 2011 and 2012, KPMG said.

KPMG was drafted in two months before the firm entered administration to try and find a buyer or investor, but despite contacting 100 parties this was unsuccessful.

The majority of out-of-pocket trade creditors are local East Midlands-based firms. The worst hit were Leicester-based East Midlands Electrical (拢125,506), Loughborough-based RKN Aluminium (拢104,932), Nottinghamshire-based Oakfield Construction (拢104,085) and Nottingham-based Data Contracts (拢103,493).

Other creditors include Aggregate Industries (拢10,660), Deloitte (拢14,100), T Clarke (拢86,049), Elliott Group (拢27,499) Speedy Asset Services (拢53,835) and Travis Perkins (拢20,452).