The end of furlough, Covid loans due to be repaid and a rise in material and machinery costs see a number of printers and sign-makers go bust
The printing and graphic industries have been badly hit by a combination of a general contracting of the sector, Brexit hitting imports, the lockdowns and the pandemic in general.
Known for providing signage for estate agents Mascot Signs based in Newcastle upon Tyne has gone into administration after hitting cashflow problems last year. They have been joined in recent weeks by Signature Signs and Print Limited, Colorsign and Print and Digital Print & Supplies Limited amongst several others.
Wide format printer and sign maker Signs Direct (UK) have also collapsed into administration instructing Quantuma Advisory to liquidate the Hampshire firm.
Printers such as Business Print Services Limited, Copyprint (Wales) Limited, Express Print Limited, Neon Print Studio Limited and Print Imp have all been liquidated in recent weeks while P.S. Office Supplies Limited who covered many aspects of the printing and graphics industries have also gone.
Ian Carrotte of ICSM said it was no surprise that the industry has been hit badly in recent months after the Covid support loans became due for repayment and the furlough scheme came to an end last autumn. He stressed that keeping a tight hold on credit was vital in the difficult business climate for the industry and offered the services of ICSM in chasing overdue invoices and debts using the groups FREE legal letter and micro debt systems.
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