ICSM Business News: investors and customers angered by collapsed print firm as the boss appoints administrators, dumps the debts and sets up a new company
In what many would call ‘doing a phoenix’ the sole owner of Awesome Merchandise in Leeds Luke Hobson has set up a new company called Print Inc. Group after the collapse of Awesome Merchandise. In more surprising is Hobson in a so-called pre-pack has bought the assets, intellectual property and website from himself dumping the debts and leaving a string of unhappy investors and customers behind.
The old firm has appointed Nick Holloway and Howard Smith from Interpath Advisory although this seems cold comfort to those left with nothing although Jo Francis writing in the trade publication Print Week reports the staff of around 90 will retain their jobs.
This is one angry customer writing on the firm’s Facebook site: “Thanks for nowt! Nearly £800 for 1000 laminates needed for weekend just gone. Ordered back in July and apart from your very prompt acceptance of my money and artwork, and my equally prompt acceptance of proofs and go ahead to print, absolutely squat after that! You still have my money. I want it back!! And cost me over £1.5k to get the laminates done by another company in less than 48 hours in time for our 4000 plus attended event. Thanks for nothing. Never using you again.”
Others have similar complaints while one comment in Print Week advised potential customers and suppliers of the firm to give them a wide berth.
Ian Carrotte of ICSM said there was a rise in ‘doing a phoenix’ by those without a conscience who cynically close one company only to open an identical one under a new name in order to dump debt. He advised that if a firm failed to pay a supplier on time then it is safest to put them on stop – for customers then do a company check with Companies House to see if there are CCJs – and even better join ICSM in order to get a heads up on firms in trouble.
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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