Adminstrators called in at paper merchant after ICSM Credit successfully chased late payments

There is shock within the paper and print industries as another big name has gone into administration.

Paper merchant and converter Aspenlink based at the Childerditch Industrial Park off the M25 near Brentwood went into administration on October 8, with Paul Cooper and Paul Appleton of David Rubin & Partners appointed joint administrators.

In a statement on their website the administrators say: “The Joint Administrators are managing the business, affairs and property of the Company and act without personal liability.

“The Joint Administrators are licensed to act as Insolvency Practitioners in the UK by the ICAEW. For further information, please contact David Rubin & Partners on 020 7400 7900.”

Print Week’s Jo Francis broke the story writing: “Aspenlink’s accounts were overdue at Companies House. In its previous abbreviated filing, for the year to 31 December 2017, the firm posted a big increase in creditors at the balance sheet date, with the figure rising from £3.5m to just under £9.4m. It had stocks of nearly £2.9m and more than £6.6m of debtors.

“An industry source said that paper stocks had been cleared from the Aspenlink facility at Childerditch Industrial Park, with only machinery left at the site.

“Spring’s son Jayden set up a new company with the same registered office, Aspenlink Holdings, this time last year.Jeremy Spring set up Aspenlink in 2001. Prior to that he was joint managing director at Capital Paper International.”

Ian Carrotte of ICSM Credit said there had been question marks over the firm for some months with members of the credit intelligence network concerned over late payment. He said: “A number of our associates in ICSM had relied on the clout of ICSM to get paid using our free legal letters and debt collection service.

“As a result we understand that the damage to members is minimal as we were able to get payment for members on some major overdue invoices this summer.”

Jo Francis said: “The reasons for the administration were not clear. Printweek was unable to reach Aspenlink chief executive Jeremy Spring for comment at the time of writing. The firm's website has been taken down and the phone line rings out.”

Ian Carrotte believes the problems encountered by Aspenlink are part of an ongoing problem with the printing industry with margins squeezed and a contracting market. It follows on a long list of business failures this year including only last week the Plymouth printer Latimer Trend.

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.

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