Creditors of a food wholesaler which has gone into administration are faced with a £10.9 million shortfall in its accounts.

Turners Fine Foods handed out redundancy notices and closed its operations in July after a period of “sustained losses”, costing 374 Kent jobs.

It had sites in Goudhurst, Tonbridge, Christchurch, Dorset and Earby in Lancashire, as well as the Camden Quarter restaurant in Tunbridge Wells.

A statement of liabilities by administrators KPMG for Silverstar Foods, its official name, show its assets are only expected to make £4.6 million after they are sold off, a little over half their book value of £8.6 million.

The firm – which supplied cheese, charcuterie and deli to hoteliers, caterers and retailers – had chalked up debts of more than £4 million on its invoice discounting facility with its bank, an alternative form of finance where companies borrow money based on the value of future invoices.

It also owes £3.6 million to Agon Holdings Five, a venture capital business co-owned by William de Laszlo, chief executive of London private equity investor Agathos Management.

It has pension liabilities of £152,584 and PAYE arrears of £269,487.

However, its employee wage bill of £171,200 and holiday pay of £305,225 will be paid as they are listed as preferential creditors.

Founded in 1995, Turners Fine Foods increased turnover nearly 30% to £41.5 million last year.

Operating profit jumped nearly 32% to £1.5 million while pre-tax profits increased from just over £1 million in 2014 to £1.4 million, according to its latest accounts filed to Companies House.

In his report at the time, managing director Toby Raphael said the company, which had undergone a merger with Isle of Wight-based Coastline Produce, “is reliant on the continued growth in the economy at large, fuelling growth in discretionary spending”.

Last year, it was named 15th in the MegaGrowth 50 list of Kent’s fastest-growing companies, with turnover up 127.6% over the previous four years.