ICSM Print Industry News: concerns mount over the future of the Manchester Printers Group as Print Week reports on its demise
By Harry Mottram: It appears on the surface of a company that overreached itself in trying to expand with acquisitions but didn’t have the ackers (to use an old word) to fund it all. Print Week’s Jo Francis has reported on just such a situation after the Manchester Printers Group collapsed into administration. In the months previously Manchester Printers Group had acquired Jameson Print Finishers, Chelma Graphics, Signature Printing and Deanprint – as it massively increased its size. And as Print week pointed out they did this ‘despite challenging trading conditions resulting from the war in Ukraine, energy price hikes, rising inflation and the economic slowdown’.
To see your once prosperous business be taken over and then enter administration is obviously heart breaking and for the owner of Jameson Print Finishers this was too much and so as Print Week reported Michael Berry bought it back out of administration and is trading once again from a business park in Accrington.
Jo Francis reported on how things quickly turned dark as the Manchester Printers Group took over the accounting leading to ‘with numerous calls received at the Accrington finishing company from creditors about non-payment of bills.’
In her report she gives a blow by blow account of what happened from the directors of the failed Manchester Printers Group and from the point of view of Michael Berry keen to get back in business. There are some disturbing notes in what happened which can be read here: https://www.printweek.com/news/article/manchester-printers-group-status-unclear
Ian Carrotte of ICSM said there had been concerns from ICSM members about the situation with reports of long delays in payment – usually the first sign of trouble.
He said: “Even today in the printing industry there is a tendency to take the old phrase ‘my word is my bond’ but sadly that isn’t any good when a firm gets into financial trouble. We always advise suppliers to put a client on stop as soon as invoices fail to be paid according to their credit terms which is usually 30 days.”
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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.
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For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk