PAOLO Nutini has had a £2.5 million payday by dissolving a company that handles his profits.

The singer cashed in after putting his firm Paolo Nutini Touring Limited into voluntary liquidation last month.

The star, from Paisley, Renfrewshire, who has enjoyed chart success with his three albums which have shifted more than five million copies, has signed a statement of solvency to close it down.

A Companies House document reveals the firm, which he set up in 2006, has assets of £2,515,803.

His company’s accounts show he has £1,296,006 in a directors’ loan account, £1,064,958 in the bank and is owed almost £150,000 in tax refunds.

Liabilities were listed at £12,043 and liquidator expenses at £6,500.
The singer songwriter, whose family run a fish and chip shop in Paisley, was a director of the firm along with his mother Linda.

Paolo has built up a huge personal fortune since bursting on to the music scene as a teenager 10 years ago with his debut album These Streets.

The New Shoes hitmaker has set up a new company called P N Touring which raked in £1.3m last year.

Paolo, who released his third album Caustic Love in 2014, went on a worldwide tour last year which saw him play dates in the UK, Australia, New Zealand, Canada and Dubai.

The 29-year-old took a four year break from music after releasing his second album Sunny Side Up, later admitting that he was struggling with the pressures of fame and said finding a new hobby – in carpentry – helped him cope.

Last year, he told how he was planning to channel some of his musical earnings into a charitable foundation.

He said: “Music can really help people, help individuals in beautiful ways.
“But the main thing I am looking at is what more can I do to help.

“Of course, you want to go out there and do well and achieve but also you have to do good. I had to look at myself and think there is definitely more we can be doing.

“Whatever I do, I like to be the one doing it. I don’t like to get someone in to run it. I want to be part of it and do it properly, understand it. When you understand something you can do it better.”