EAST Lancashire investors are owed more than £200,000 by a stricken property company – and are not expected to get anything back.

Administrators of Padiham-based Dylan Harvey Residential Limited (DHR), which collapsed with £100million debts last month, say it owes at least 598 individual creditors a total of £6.5million.

Sixteen of those live in East Lancashire and have a total of £216,000 tied up in the firm.

DHR, which was based at Shuttleworth Mead Business Park, acted as a sales agent for developments across the North West, with creditors placing deposits in the company.

However, the business model means DHR, which was owned by the larger Dylan Harvey Group, has few assets administrators can sell to claw back money.

A 60-page administrators report lists the £150,000 Sky One car park in Manchester as one of the company’s only major assets.

But it names ‘bad debts’ including a £1.7million black hole run up when a Manchester-based development collapsed earlier this year, and a substantial loss made on a property in Clitheroe.

Administrators CLB Coopers said: “Based on the level of liability to unsecured creditors and the realisations to date, unless substantial assets can be recovered, there is unlikely to be a distribution to creditors.”

The report reveals that 16 East Lancashire-based creditors lost amounts ranging from £3,500 to £66,000.

According to the last available financial results, DHR turned over more than £50million, but owed around £100million, according to administrators.

They said the company began to struggle in 2007 when Britain’s inflated property market slumped.

The Dylan Harvey Group said last month it had done “everything in its power” to complete its property developments.