ICSM Printing and Allied Industries Insolvency News: creditors seize kit; Midland printer crashes; shock at firm’s £1.4m debt; London firm goes bust, plus a list of recent company failures

By Harry Mottram: The numbers of firms in the printing and allied industries that are going bust continues to increase due to a number of factors. Ian Carrotte of ICSM – the group dedicated to alerting its members about bad debts and late payments – said a combination of historic debt, a downturn in business and hikes in interest rates and energy prices had taken its toll. We've been here before as those with long memories will recall the shock at the collapse of Northstar in 2016 causing huge job losses and even greater debts. Then the YM Group suffered a similar failure last year with suppliers blockading one of their sites in a desperate move to get paid. This year has seen the implosion in the Manchester Printers Group causing all manner of issues for creditors and workers alike. It seems that while things change in the print business some remain the same.

Creditor ceases back equipment

In something resembling a slow train crash the one mighty PFI Group’s Futurama has gone from missing payments to creditors seizing back their unpaid equipment. Jo Francis in the print trade publication Print Week has charted the slow collapse of the firm including the latest dramatic developments as office equipment supplier National Interior Services (NIS) moved to take back tens of thousands of pounds worth of unpaid for kit from its Bradford base. She wrote: “National Interior Services (NIS) was left with a near-£180,000 bad debt after Futurama failed to pay the supplier for furniture, including desks and kitchens, supplied for a refit at Lloyds Banking Group branches. Although Lloyds paid Futurama for the works, Futurama had not paid NIS by the time it went into administration in May. NIS managing director Julian Wyles said the firm had retention of title on the goods that it had supplied and was in the process of exerting its rights to remove the items.”

Midlands firm insolvent

In June Print Week reported on the demise of the Warwick Printing Company and its u-turn on a promise to pay its creditors after being placed the business in voluntary liquidation last year. Jo Francis reported the directors had signed a Declaration of Solvency would pay up what was owed within 12 months. She reported: “However, the sale of the firm’s 1,420sqm freehold factory in Leamington Spa was critical to this outcome. It was initially on the market for £1.75m, subsequently reduced to £1.695m, and now slashed to ‘offers in excess’ of £1.45m in a bid to spark interest in the site. It may even have to be reduced further, to £1.3m. The building was on Warwick Printing Co’s books valued at £1.48m. This means that instead of the anticipated surplus of £255,688 stated by the Young brothers last year, the likely shortfall is now estimated at £181,605 in a statement of affairs filed by joint liquidator Andrew Kelsall of Larking Gowen. Trade and expense creditors are owed £874,912.”

It means that the Members Voluntary Liquidation will be converted to a Creditors Voluntary Liquidation regardless of the matter of solvency. Kelsall and his colleague Lee Green are now seeking approval from creditors for the next steps reported Francis. She added that she understands there is currently a question mark over a possible meeting of creditors being organised.

Around £1.5m in debt

Journalist Richard Stuart-Turner has reported on the eye-wateringly large debts left by Oldham print company RAP Spiderweb who went into administration and closed in April leaving an estimated deficiency of around £1.5m. He said that trade and expense creditors of the firm were owed nearly £186,000 leaving many to wonder if they will ever be paid after joint administrators Richard Cole and Steve Kenny of KBL Advisory, Sale, were appointed in May. The Print Week reporter gives a lengthy account of the convoluted attempts to stave off insolvency in what some may think is a text book case in a company collapse – for all the wrong reasons. For a full account visit https://www.printweek.com/news/article/rap-spiderweb-causes-of-administration-revealed

London firm collapse despite TV appearance

Print Week have reported on the multi-service printing company Mediashore Limited in London who have traded as ABC Imaging printco. Known as printco in the business the firm went into liquidation last month after trade took a hit during the Covid-19 Crisis. Jo Francis reported that their abbreviated accounts for the year to 30 September 2021, shareholders’ funds decreased from £278,188 to £74,126.

Below are a list of some of the firms in the media, graphic design, sign-making, printing and allied trades who have hit the skids earlier this year.

ADMINISTRATORS APPOINTED

BRIAN CLEGG (EDUCATIONAL PRODUCTS) LIMITED    01082541

CAVALIER MARKETING LIMITED    02295824

DEANPRINT LIMITED    00030846

FLEXTRUDE LIMITED    06450195

GARENNE SHOPFITTING LIMITED    03851743

JAMESON PRINT FINISHERS LIMITED    03546736

LIGHT SOURCE DESIGN LIMITED    04111628

LOW&BEHOLD MARKETING SERVICES LIMITED    06852655

ROCHE DESIGNS LIMITED    03356682

T G STAMPING AND MACHINING LTD.    06839629

UNION PAPERTECH LIMITED    05838827

 

ADMINISTRATION MEETING OF CREDITORS

MONUMENT PAPER BAG CO LIMITED (THE)    00481099

 

CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS

ALPHA DESIGN SERVICES LTD    09163744

ARMUSE SALES & MARKETING LTD    12185942

BERKELEY BUSINESS FORMS LIMITED    02477382

CAVALIER LABELS LIMITED    03629924

DIGITAL BRAINS MARKETING LIMITED    09485991

GLOW ARTS LIMITED    13409319

JAYSEV MEDIA LTD    11883401

LANGFORD PRINTERS LTD.    06766583

LEGEND COMMUNICATIONS LIMITED    12559962

LONG EATON CRAFT & DESIGN COMPANY LIMITED    11212342

MANCHESTER PRINTERS LTD    07976936

MSG MEDIA LIMITED    07343176

MZS MARKETING LTD    11761897

PERSONAL CANVAS PRINTS LTD    11996637

PRINT DESIGNS (WILMSLOW) LIMITED    03266514

SJC MEDIA LTD    11750466

SIGNATURE PRINTING LIMITED    08601950

SINTON PROMOTIONS LIMITED    04924822

THE BERKSHIRE DESIGN COMPANY LIMITED    08441849

THE SIGNAGE & GRAPHIC INSTALLATION COMPANY LIMITED    11954005

TRENTSIDE DESIGN LTD      10339933

UX DESIGN LABS LTD    12478451

 

LIQUIDATORS APPOINTED

ABACUS OFFICE SUPPLIES LTD    13269780

ANGLEBURY PRESS LIMITED    06673432

ARTISTS CARDS LIMITED    01406666

BREAK POINT PR LIMITED    10883981

DAN JOHNSON CREATIVE LIMITED    07670809

DATATEL MEDIA COMMUNICATIONS LIMITED    04646806

DE LACEY FINE ART LTD    11052587

DESIGN 2 PRINT (LLANDUDNO) LIMITED    02600994

DESIGN PROMOTION AND MARKETING SERVICES LIMITED    05429200

DRIVENMEDIA LTD    09736989

GINGERNUT MARKETING LTD    08942468

FLIGHT MARKETING SERVICES LTD    12250220

FROZEN FISH DESIGN LIMITED    06960548

HADLEY DESIGN ASSOCIATES LIMITED    01729092

HILLSIDE PRINTING SERVICES LIMITED    03266441

HUD MEDIA LTD    08444845

ICON DESIGN & PRINT LIMITED    07163291

KCC DESIGN LIMITED    09817461

KZ CREATIVES LIMITED    12071569

INTERFIT PHOTOGRAPHIC LIMITED    05804494

KIHL MEDIA LIMITED    07921698

MANTRA COPYWRITING LIMITED    05573861

MSR DIGITAL DESIGN LIMITED    12500158

MZS MARKETING LTD    11761897

OYSTER PRESS LIMITED    10227399

PRINT DESIGNS (WILMSLOW) LTD    03266514

PREMIER BY DESIGN LIMITED    04677111

PURE TREE DESIGN LTD    09926097

REDTREE PRINT SOLUTIONS LTD.    05513045

RESIN8 CRAFT SUPPLIES LIMITED    09286727

TMAX MEDIA LTD    07726664

WAVE DESIGN LTD    02160065

WELLINGTON PRESS (C & R MURRAY) LIMITED    00497295

WISE OWL MARKETING LIMITED    06327736

ZARA NEWS LIMITED    12054083

 

MEMBERS VOLUNTARY LIQUIDATIONS

AKW COMMUNICATIONS LIMITED    11682156

BANK OF IRELAND DIRECT MARKETING LIMITED    02476161

BDS DESIGN LIMITED    11493586

BEECHMORE BOOKS LTD    10696135

BOURNEMOUTH CARTONS LIMITED    00754704

BRIGGS SIGNS LIMITED    05048504

GWFUDGE DESIGN LIMITED    07959636

OLYMPIA DESIGNS LIMITED    10947389

PJB DESIGN CONSULTANCY LTD         11809247

RACHEL CLARKE DESIGN & WEB LIMITED    07529409

ROBERT YOUNGPRINT LIMITED    01768892

 

PETITION DISMISSED

MULTIBRANDS INTERNATIONAL LTD    03680871

 

PETITIONS TO WIND UP

BILLYBOARD MARKETING LIMITED    09063504

BLUE MARKET LIMITED    11201325

DECADE MEDIA AGENCY LTD    12205828

 

WINDING UP ORDERS

SUO MEDIA LIMITED    11248282

ZAR MEDIA LIMITED    11447275

 

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ICSM CREDIT
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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