Print Week’s comments section ‘on fire’ over fears for the future of YM Group due to delayed accounts and an increase in losses - as accountants blame Covid and Brexit

Print Week’s comments section ‘on fire’ over fears for the future of YM Group due to delayed accounts and an increase in losses - as accountants blame Covid and Brexit

Ian Carrotte of ICSM whose members include large number of companies in the printing and allied industries said the report in Print Week of YM Group’s financial issues has sparked fears of more problems ahead.

He said: “I recall when Pindar teamed up with York Mailing as the YM Group grew becoming a major player in the print industry – but with the overall decline in some print sectors there are concerns for members – many of who are suppliers. The directors say they are confident of a recovery so let’s hope they are right but jo Francis’ story has set Print Week’s comments section on fire.”

Commentators on the website have picked over the factors troubling YM Group including doubts over the Daily Mail’s contract, the £13 million pound losses over two years and how long banks will grant credit. The group features York Mailing, The Lettershop Group in Leeds, YM Chantry in Wakefield and go Direct Marketing in Leeds as well as the oldest part of the group Pindar whose roots go back to 1836.

Jo Francis reported for Print Week that: “Sales slipped by 2.38% to £114.8m, while operating profit prior to exceptional increased to £1.65m from £1.29m. Adjusted EBITDA increased from £5.1m to just under £8.1m. The figure was boosted by £6.44m in depreciation, up from £3.8m the prior year. Added value, the directors’ preferred measure of performance, rose by £135k to £69.9m. The pre-tax loss was £8.3m, up from £6.1m the prior year.”

Ian Carrotte said this year the likes of Datum Colour Print (Hatfield) Limited, Vincent Press Limited, Precision Printing Plates Limited, Screen Print City Limited and Design + Print Limited had all been liquidated but scores of other firms currently in administration.

“The lockdowns have hit manufacturing and printing hard as it’s taken away customers,” he said, “and with so many shops and businesses closed the demands for printed paper products has slumped. Newspapers and magazines have seen big reductions in sales as well so a pretty bleak period for the industry and this autumn when furlough ends expect more to go. Keep a tight grip on credit control and do not tolerate late payment as that’s a warning sign.”

He reminded members of ICSM they have access to the free micro debt recovery service and free legal letters which prove successful in settling overdue invoices.

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 or email Ian at 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.

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