Print firm’s collapse caused by 50% rent increase and the pandemic that forced turnover down 70% (but salvation as the creditors vote for a CVA)
One of the comments on a story in Print Week highlights an undeniable problem that printers and other businesses of all hues face when based in London. Although there’s lots of business to be had in the capital overheads are astronomically high.
Jo Francis reported on the creditors of the Premier Print Group who have voted by more than 90% to accept a Company Voluntary Arrangement (CVA). It will allow the firm to keep going in a new site and to keep serving their customers.
Darren Goodson of the company told Printweek’s Jo Francis: “Basically it’s all down to the pandemic. The business has been going for something like 38 years and been through three or four different recessions. But our workload went right down because of the pandemic.
“In 2019 we grew by around 25% and we were really motoring. Then the pandemic hit at the end of March 2020. Our turnover was down by 70% at one point, and the various lockdowns came and went and business just didn’t come back. At the beginning of this year our landlord increased the rent by 50% and wanted to backdate it to March 2020, and that was the final straw.”
Ian Carrotte of ICSM said this was a classic case where the Government’s lockdowns to combat the pandemic had damaged businesses by taking away their customers. “With the end of the furlough system more firms will go bust as the money that keeps them afloat is taken away. We have offered all businesses free membership and legal letters to allow them to chase these zombie companies for overdue payment,” he said.
Jo Francis said that Premier had vacated its unit at London Industrial Park when the rent was hiked.
She added: “Fellow London print business Push Print recently said it would be calling in liquidators, while another east London print firm, Matthews the Printers decided to shut down in March after its work for the hospitality sector dried up and the financial drain became unsustainable.”
Below is a list of print industry related firms who have hit the buffers:
PRINTING AND ALLIED INDUSTRIES
Administrators Appointed
24 Live UK Limited 08433977
KEO Films Limited 03138064
KLT Communications Limited 11059534
Administrators Meetings Para 51
Monument Paper Bag Company Limited (The) 00481099
Creditors’ Voluntary Liquidation Deemed in Consent Meetings
Adlestrop Creative Platform Limited 12059603
Aventor Design Limited 04557090
Boom Advertising Limited 11769873
Elmley Sales & Marketing Limited 10607048
Grand Design London Limited 09024197
Ian Rogers Media Limited 11366945
Sixth Story Creative Limited 07451857
TES Media Group Limited 08704040
Waltham Print Limited 09904745
Liquidators Appointed
Adlestrop Creative Platform Ltd 12059603
Apple Graphics Uk Limited 10390034
Boradside Posting Services Limited 04304382
Clinton Smith Design Limited 05859993
Colour Rite Limited 05853308
Creative Group Inc Ltd. 10868477
Fam Media Limited 12161783
Four Four Studio Limited 11892103
Grand Design London Limited 09024197
Hallam Signs & Graphics Limited 09520982
H K Packaging Limited 11853663
Hilton Publicity Limited 10424957
Image Star Creative Solutions Limited 11456909
LCE Architects (UK) Limited 07491229
McLaren Marketing (Yorkshire) Limited 04223683
Mint Copy Limited 08945356
Mountain Paw-Print Limited 07617318
Platform Press & Publicity Limited 07864344
SA Marketing Solutions Limited 08986721
Soho Post Production Limited 08848965
TCE Productions Limited 08906321
TES Media Group Limited 08704040
Time Design Limited 11925131
TMS Publishing Limited 11002243
Vanadu Limited t/as First Point Print 02562027
Villiers Forbes Design Limited 05419711
Waltham Print Limited 09904745
Members Voluntary Liquidations
BOHL Publishing and Consulting Limited 09812398
By Design (UK) Limited 06019413
Ink Studio London Limited 08442694
JCA International Sales Promotion Services Limited 03427899
MB Designs Limited 09580795
PPS Media Limited 03165439
Smudge Media Limited 10251647
Petitions to Wind Up
Aequitas Packing (UK) Limited 08913537
Winding up orders
One Space Media Limited 06741203
Strata Shopfitting Solutions Limited 08201475
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