ICSM Business News: Ian Carrotte in Print Week ‘Those who have minimised debt, kept ahead with the technology and with industry trends tend not to feature so much in those depressing insolvency figures’
By Harry Mottram: An article in the trade publication Print Week by leading journalist Dominic Bernard has highlighted the massive hike in insolvency figures in the UK as reported by accountants PwC. And ICSM’s CEO and founder Ian Carrotte is widely quoted in the feature explaining some of the reasons behind the increase in firms going to the wall.
Dominic Bernard reported: “The UK is on track this year to see the highest number of insolvencies since 2009, according to PwC. While business failure rates improved in September, with 1,967 corporate insolvencies compared to August's 2,308, the number of firm's collapsing was still 17% up on September 2022. The first half of 2022 saw around 13,000 corporate failures across the UK, which PwC blamed on high inflation and the impact of an increasing cost base on both liquidity and shareholder value.”
He spoke to Catherine Atkinson, PwC’s restructuring and insolvency practice director, who said that compulsory liquidations were also high in September, with 469 creditors’ petitions to wind up affairs, up from 398 in September 2022, and well above 2023’s monthly average of 407.
Ian Carrotte is quoted in the article as saying: “In years to come it is possible that the years 2023-2025 will be seen as the hangover years following a perfect storm of problems for the UK economy.”
He explained to the readers of Print Week that historic debt, pandemic shutdowns and then loans, the Russian and Israeli wars, China’s faltering economy, high interest rates and inflation, Brexit, and Liz Truss’ disastrous mini-budget are just some of the factors combining to flatten the UK economy.
“However,” he added, “despite these challenges the UK and most western economies are very resilient as they are complex with a wide range of sectors. Even in the gloomiest of times some industry sectors do well which help to buoy up the economy as a whole.
“Take the 1970s when oil exploration in the North Sea boosted the Scottish economy, when motorways were being built across the country and despite the strikes car manufacturing was higher than any decade since until now, when finally the numbers are up.”
The print industry, Carrotte said, has a particular problem with insolvencies in 2023, as opposed to 2022, as many companies’ Covid loans have come to maturity, squeezing cashflow.
He explained to Dominic Bernard: “Do the insolvency figures herald a recession or a further flatlining of the economy – we will have to wait and see, but certainly times are tough in the print industry for those with inky fingers.
“Those who have minimised debt, kept ahead with the technology and with industry trends tend not to feature so much in those depressing insolvency figures.”
The article can be found at https://www.printweek.com/content/news/uk-insolvencies-on-track-for-highest-rate-since-2009
PRINTING AND ALLIED TRADES, GRAPHIC DESIGN AND MEDIA
ADMINISTRATORS APPOINTED
BRADLEY DYER MEDIA LIMITED 04429678
BCQ GROUP LIMITED 06039730
DEANPRINT LIMITED 00030846
ICON OFFICE DESIGN LIMITED 04069868
QUANTUM 4 INTERNATIONAL LIMITED 11866117
ADMINISTRATION MEETING OF CREDITORS
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CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
DAPPER MARKETING GROUP LIMITED 12197531
INTELLIGENT MEDIA (LONDON) LIMITED 07253758
OPEN FORM DESIGN LTD 09227495
PAW PRINT (SOUTHAMPTON) LTD 07644804
KROWNMEDIA LTD 09280462
STADA MEDIA LIMITED 08941117
WHITMONT PRESS LIMITED 04764813
LIQUIDATORS APPOINTED
3C FINISHING LIMITED 05280598
ADMIRAL PRINTERS LIMITED 04558794
APPLE FINISHING LTD 06875133
BLUE CRUSH COMMUNICATIONS LIMITED 06370367
BY DESIGN GROUP LIMITED 03223123
CHP PUBLISHING SERVICES LTD 13328926
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CUSTOMISED GRAPHICS PRINT LIMITED 09395277
DAVE STONE DESIGN (CHESTERFIELD) LTD 11582321
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FUNCTION MEDIA SOLUTIONS LTD 09772338
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HILLSIDE PRINTING SERVICES LIMITED 03266441
HINTON HOUSE PUBLISHERS LIMITED 06405238
INTELLIGENT MEDIA (LONDON) LIMITED 07253758
JSS OFFICE INTERIORS LIMITED 11939625
M.Y. DESIGNS LIMITED 04703911
NURV MARKETING LIMITED 12038524
PAW PRINT (SOUTHAMPTON) LTD 07644804
RIALTO DESIGNS LIMITED 03046782
SGM PRINTING LIMITED 07920034
SW SIX DESIGN LIMITED 12697926
THE PRODUCT MARKETING COMPANY LIMITED 06661896
THE RAKE MEDIA LIMITED 08756423
MEMBERS VOLUNTARY LIQUIDATIONS
DCD MEDIA LIMITED 03393610
DISC TO PRINT (LONDON) LIMITED 02749535
BLUE DOG DESIGN LIMITED 03305384
IAN LUNN DESIGN LIMITED 08288073
ORA MEDIA LIMITED 09689596
PITCHDESIGN LIMITED 02586923
RIVERSIDE SCREENPRINT LIMITED 02575399
ROBERT YOUNGPRINT LIMITED 01768892
TRIO PUBLICATIONS LIMITED 01131805
PETITION DISMISSED
ENSIGN GRAPHIC SOLUTIONS LIMITED 05015222
PETITIONS TO WIND UP
BROWNSTONE ADVERTISING AND MARKETING LTD 09493553
CHP PUBLISHING SERVICES LTD 13328926
GTS MEDIA LIMITED 05483197
WORLDWIDE BUSINESS MEDIA LTD 06809417
ZEPHYROS DESIGN LTD 11113219
WINDING UP ORDERS
A & S PRINTERS
CODA PUBLISHING LTD 06532415
WORLDWIDE BUSINESS MEDIA LTD 06809417
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