ICSM Print Business news: FRP Advisory publishes update on YM Group’s collapse with eye-wateringly high levels of debt to a string of creditors
By Harry Mottram: The slow-motion car crash last year of YM Group’s demise after it took on the printing of the Daily Mail’s colour supplement the year before led to one of the largest print industry failures since Pole Star in 2016.
The fall-out from YM Group’s collapse has continued with the latest update from the administrators FRP Advisory. Writing in the print industry’s trade publication Jo Francis reported: “The latest reports from administrators FRP Advisory contain revisions on the original filings, after YM directors were given more time to bring accounting records up to date. Directors including former YM Group CEO Stephen Goodman and CFO Lee Richardson have signed statements of concurrence/truth regarding the updated figures. The new Statement of Affairs for YM Chantry lists DMG Media and Daily Mail print wing Harmsworth Printing as being owed £488,024 by the Wakefield web printer.”
Based in York the group web offset factories of YM Chantry, York Mailing, and Pindar Scarborough were known to have owed a huge amount of money to creditors which led to one haulier blockading the entrance to the main site triggering the crash.
The administrators have been hampered by the complex inter company structure but in their lates update some eye-wateringly high figures have emerge. For instance the DMG Media and Daily Mail are owed £488,024 while the Guardian News & Media, are £9,207 out of pocket. The group’s financial backer Pricoa have lost out big time with millions of pounds lost by the liquidation. And the list of debt continues in the same manner with Pindar Scarborough owing Bauer Media £11,992 with a further £5.48 million owed to trade creditors. The full list and Jo Francis’ report can be read here: https://www.printweek.com/news/article/ym-web-admins-extended-figures-updated
Ian Carrotte of ICSM said the level of debt was shockingly high and could not be understood very easily. He said: “ICSM has a large number of printing and allied trade members with the trade group IPIA also a member. Concerns were raised in the autumn of 2021 when trade suppliers of YM experienced problems being paid with the excuse that the firm was too big to fail. Our advice is that nobody is too big to fail as Pole Star showed. Always keep to your credit terms when dealing with any size of business and put a firm on stop when they stop paying is sound advice.”
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For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk