ICSM Print Industry News: staff unpaid, CEO doesn’t answer the phone – three signage and graphic companies crash into administration
By Harry Mottram: Trade publication Print Week has reported on a catastrophic collapse of a trio of sign-making, engraving and graphic print businesses in Scotland that are now in administration with it is expected a trail of unpaid invoices for their suppliers.
FRP have stepped in with Michelle Elliot and Anthony Collier appointed joint administrators of Sign Plus, based in Dalgety Bay, Fife, Lofthus Signs in Aberdeen plus has a satellite office in Peterhead – part of the PFI Group.
The trade publication reported: “Sign Plus employed 21 staff located in Dalgety Bay, Jasmine had nine staff in Aberdeen and two in Peterhead, and Lofthus Signs employed 18 staff in Aberdeen. The operations have all ceased trading and FRP Advisory said 50 employees had been made redundant. Two staff have been retained to assist the administrators.”
They also reported: “Phones are now ringing out or going to voicemail at all three businesses and Printweek had been unable to get hold of PFI Group CEO Darren McMurray at the time of writing, with calls also going to voicemail.”
Those owed money by the trio of operations will be alarmed by Print Week’s report that staff haven’t been paid and the CEO was not answering his phone – some might think those were the hallmarks of a complete collapse of a firm with the owners not taking responsibility.
They also reported FRP Advisory as saying: “The administration has been caused by serious cash flow problems stemming from rising operational costs. The business has now ceased trading and the assets will be marketed for sale. The joint administrators are asking parties interested in acquiring the assets to contact the Glasgow office of FRP Advisory as soon as possible. The joint administrators will provide the staff with as much support as possible including making any claims with the Redundancy Payments Office and engaging with support agencies such as PACE.”
Joint administrator Michelle Elliot was reported as saying: “Sign Plus and its specialist divisions, Lofthus Signs and Jasmine, are long-established and highly regarded end-to-end suppliers of commercial design, print, graphics, and visual branding solutions. The business has been adversely affected by rising operational costs and unsustainable financial problems with administration being the only option.”
Ian Carrotte of ICSM said the prospects of suppliers getting paid was doubtful especially considering the administrators were talking about statutory redundancy payments for the staff. He said: “Another casualty blaming historic debt for their demise. When a firm goes bust until the administrators have completed their report it is hard to know why the firm failed. Usually it is a combination of factors. At ICSM we always say if things are not looking good then act early – contact your suppliers and lenders and put them in the picture. A combination of negotiations and cost cutting can save a business and allow it to trade its way out of trouble.”
The report in Print Week continued its report with more background: “Meanwhile, a final Gazette notice just filed at Companies House for registered company PFI Capital Ltd, which McMurray is listed as sole director of, states the business has been dissolved via compulsory strike-off. The notice states the strike off date of this company as 7 November 2023, and the dissolution date as 14 November 2023. A first Gazette notice for compulsory strike-off had been filed in August.”
A list of more print industry and related firms that have hit the buffers recently is below.
PRINTING AND ALLIED TRADES, GRAPHIC DESIGN AND MEDIA
ADMINISTRATORS APPOINTED
DEANPRINT LIMITED 00030846
ADMINISTRATION MEETING OF CREDITORS
MONUMENT PAPER BAG CO LIMITED (THE) 00481099
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
CONCEPT DISPLAY SYSTEMS (SOUTH WEST) LIMITED 02710099
GCOM COMMUNICATIONS LIMITED 09501687
MEEA PRINT LIMITED 05549444
NODE MEDIA LTD 05107496
NW & P DESIGNS LIMITED 13207568
UPLIFTING DESIGN LIMITED 05580113
WHITMONT PRESS LIMITED 04764813
XPERT ENVELOPES LIMITED 03833101
ZAK PLASTICS LIMITED 09812400
CVL LIQUIDATORS APPOINTED
ASH DESIGN (RUTLAND) LIMITED 10146316
CROWN MEDIA MANAGEMENT LTD 07885454
CUPID CREATIVE LIMITED 07491734
FESTIVAL OF FOOD LIMITED 07062636
FLEXX LABELS LIMITED 05100806
MARKETING POSITION LIMITED 11094169
MAC SIGNS UK LTD 06336676
SGM PRINTING LIMITED 07920034
STILLS CREATIVE LIMITED 11897418
WINDOWGRAFIX LTD 09193238
WRIGHT MARKETING LTD 14352421
MEMBERS VOLUNTARY LIQUIDATIONS
CREATIVE PROCESS SERVICES LTD 13073457
TRIO PUBLICATIONS LIMITED 01131805
PETITION DISMISSED
ENSIGN GRAPHIC SOLUTIONS LIMITED 05015222
PETITIONS TO WIND UP
BOOKS FOR EVERYONE 11898218
CHP PUBLISHING SERVICES LTD 13328926
CRUMPET MEDIA LIMITED 09557356
HAWKINS-ROW HOSPITALITY AND MEDIA LTD 11623998
HOOPLA ANIMATION LIMITED 09201399
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For information on ICSM visit www.icsmcredit.com or call 0844 854 1850.
ICSM, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR. Tel: 0844 854 1850. www.icsmcredit.com. Ian.carrotte@icsmcredit.com
