ICSM Printing and Allied Industries’ News: card company’s troubles; publisher hit by school text book cuts and print promotion show shifted to 2022
The Covid-19 crisis has had some drastic effects on work life and home life in equal measure. Working from home has become and norm as has home schooling leaving parents exhausted, offices empty and business in general stalled.
All of these effects have hit the printing and allied industries putting pressure on cash flow and forcing some firms out of business. The latest toll compiled by ICSM includes Performance Papers Limited, Exhibitions Plus Limited, Quest Printing and Design (UK) Limited, Vision Printing Limited and Imediaprint (Midlands) Limited.
Card Factory
One the high streets most visible stores Card Factory has hired Deloitte to oversee its finances in order to raise £100m to see it through a tricky period having been hit by the lockdowns. Most of its business is still through its stores rather than online with a large portfolio of printed products such as cards and wrapping paper. ICSM understands that Deloitte are in talks with some of the main lending banks.
NEC show pushed back
The NEC Printwear & Promotion Live has been pushed back again – due to the Covid-19 restrictions for business that has put the brakes on a number of trade shows.
Originally slated for last September, it then moved to this winter and then June it is now set to take place from February 20-22, 2022 at the NEC in Birmingham.
Trade publication Digital Printer said the exhibition could have taken place in June this year but due to the long lead times required to organise and sell the stands and attract visitors they have opted for next year. The organisers said: “Although it may be possible to delay the show till the end of the summer or the autumn, with our 2022 show scheduled for February 20 – 22, we do not think running two shows within six months is a sensible option for visitors or exhibitors. Also, as an early date in the year is preferred by all parties, we would not want to push back the 2022 show dates."
The 2022 show will be hosted in Hall 20 at The NEC in Birmingham and a provisional floorplan should be available by the start of April.
Publisher cuts office space
The people behind so many text books for schools Pearson have announced they’ll be cutting the amount of office space they use as demand has dropped for their products.
This is Money reported: “It expects profits to be hit by £130million from the reduction in its property portfolio, though it forecasts to benefit from this by £10million a year in 2022 and around £20million per annum down the road.”
It also announced it is reorganising its global business at a cost of £40million to £70million in 2021 into five divisions: Virtual Learning, Higher Education, English Language Learning, Workforce Skills and Assessment & Qualification.
About ICSM Credit
ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel - while at the moment there's a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach - ask for details from Paul.
For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.
To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com
For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk