Warnings were there as Taylor Bloxham headed for the cliff edge

Members of ICSM Credit rang alarm bells about the impending crisis at Taylor Bloxham Group when suppliers’ invoices weren’t paid on time among other issues.

ICSM Credit members spoke of confusion and frustration in the final weeks as the 80 year old print group headed for the cliff edge raising questions over accountability and competence.

Jo Francis writing for Print Week reported: “Administrators from FRP Advisory have confirmed their appointment at Taylor Bloxham Group, with most of its operations being shut down immediately although one part of the business has been sold.”

The trade publication noted that 150 staff were made redundant although the sale of the Mailbox division has been sold saving 21 jobs. Francis said that FRP Advisory partners Ben Woolrych and John Lowe were appointed as joint administrators to the group on February 6.

In a statement, the administrators said: “The company has suffered severe cashflow pressures, which had become unsustainable in recent months following a period of losses and a tightening of supplier terms. FRP had been working with the directors of the company on an accelerated sale process with the aim of securing a sale for the entire business and had received interest from several parties. However, ultimately, an appropriate offer was only received for the Mailbox division for which a sale has been completed, protecting 21 jobs.

“On appointment, the administrators have been forced to close the remaining divisions of the business and take the difficult decision to make all 150 employees redundant. The joint administrators will now focus on maximising returns for creditors through selling the remaining assets of the business and providing support for all affected employees.”

Apart from major concerns among suppliers that they may not see all or any of what they are owed the 150 staff who were made redundant will now go through the Government’s Redundancy Payments Service via FRP who will support them. The news of the redundancies was greeted with anger and shock according to Print Week as most staff were unaware of the crisis.

Interestingly Francis in Print Week said: “David Wright, who was sales director at the Mailbox operation but not a director of Taylor Bloxham Group, has acquired the trading name, intellectual property and assets of the division, along with legal operation of its premises on Scudamore Road in Leicester.”
Previously the trade publication reported that a winding-up petition was filed in December, and although this was apparently satisfied “the petition had been substituted with a new petitioner.”

Print Week said an administration application was filed by Taylor Bloxham Group Ltd on 29 January, with a hearing set for last week at Manchester Crown Court. The applicants are Teresa-Anne Dunleavy, Robert Lockwood, April Sharpless, Jacqueline Sharpless, Wesley Sykes and Matthew Wennington.
Last summer the company appointed Teresa-Anne Dunleavy as CEO which ICSM Credit understood was a move to turn the firm around as she had “specialism in working with companies undergoing significant structural and cultural change.”

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For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk