ICSM Business – Print Industry Insolvency News: printing company owed £3.5 million when it went bust (soon after being acquired)
By Harry Mottram: The question remains how did a respected printing firm go bust so soon after being acquired by another company. It now seems the answer lies in losing a £1.5 million pound contract which left it high and dry and massively in debt shortly after the acquisition of Severn Print by ESP of Swindon.
Writing in the trade publication Print Week Dominic Bernard reported: “Documents filed on Companies House on 13 March show the Gloucester-based commercial printer was owed £789,000 at the time it went bust, with liquidators estimating they will be able to realise £656,000 from book debtors. The firm hit trouble shortly after it was acquired by Swindon-based Handel Group, when it became clear that a key £1.5m contract had been lost, according to Simon Smogur, managing director of Handel Group and its subsidiaries in ESP Group.”
Strangely to some maybe is the fact that Severn owed £844,000 to ESP. Simon Smogg of ESP said they had not expected Severn to go down hill so quickly and claimed they were not made aware of the sharp decline in its fortunes after the take-over. Now it is up to the administrators Alexander Kinninmonth and James Prior of FRP Advisory in Salisbury to liquidate Severn’s assets and pay creditors from what is left over from the sale of assets – if anything. The liquidators estimate there is £656,000 in invoices to be recovered from customers and some printing machinery has been sold.
Ian Carrotte of ICSM - the business membership group dedicated to fighting bad debts and late payers with many members involved in the print industry and allied trades – said: “There’s been a lot noise in the business over this affair, and we have heard a number of anecdotal stories which we can’t verify. However, the bottom line is a once profitable firm has gone along with 40 jobs with suppliers left with unpaid invoices.”
Below are some recent firms in the sector that have hit the buffers:
PRINTING AND ALLIED TRADES, EXHIBITIONS, GRAPHIC DESIGN AND MEDIA
ADMINISTRATORS APPOINTED
CESTRIAN IMAGING LIMITED 05367631
CROSSGROVE BOXES LTD 12279159
DEANPRINT LIMITED 00030846
ENGAGE OUTDOOR MEDIA LIMITED 11077033
FARADAY PRINTED CIRCUITS LIMITED 01905822
FRUITION CREATIVE SERVICES LTD 07169063
OSO FIBER UK LTD 12577120
ADMINISTRATION MEETING OF CREDITORS
MONUMENT PAPER BAG CO LIMITED (THE) 00481099
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
CBE COMMUNICATIONS LIMITED 10209201
CULVERLANDS PRESS,LIMITED 00463040
FRUITION CREATIVE SERVICES LTD 07169063
GREAT YARMOUTH PRINTING SERVICES LIMITED 02785485
HSP FINISHING LTD 13660733
JOHN DOLLIN PRINTING SERVICES LIMITED 01442382
JULIE ANNA DESIGN LTD 12038463
KAVANAGH DESIGNS LTD 10377121
M&LK COMMUNICATIONS LTD 08161935
PARADOX MEDIA GROUP LTD 12422983
POSITIVE ACTION PUBLICATIONS LIMITED 02098311
PULSE PRINT AND COMMUNICATIONS LTD 08206224
ROADIE DESIGNS LTD 07185390
SHUTTLEFISH CREATIVE LIMITED 08707829
TASK BUSINESS SUPPLIES LTD 10878413
T.S. PRINT GROUP LIMITED 04510953
VIRTUAL MEDIA CREATIONS LTD 11497085
ZANCO (UK) LIMITED 11351302
CVL LIQUIDATORS APPOINTED
A B I DESIGN PARTNERSHIP LIMITED 08278041
CASCADE BUSINESS SUPPLIES LIMITED 07275071
CLARK WHITE PUBLICATIONS LIMITED 02653326
DESIGN & CREATE LTD 05702658
ELECTRICAL DRAWING & DESIGN SERVICES LIMITED 03123490
HARPERS & CO (CARDS & GIFTS) LTD 09791222
IMAGERY DIRECT IMAGING LIMITED 03864414
INTEGRATED PRINT SOLUTIONS LIMITED 10456333
INTEGRAL BULK PACKAGING LTD 10890393
MORTIMER PRINT LIMITED 05882231
MORECAMBE PRESS LIMITED 04541546
ON POINT PROMOTIONAL MERCHANDISE LTD 11799734
OINK CREATIVE LTD 07183229
PEAR MARKETING LTD 12443139
PICADOR DESIGN INTERNATIONAL LIMITED 02563587
PL LOGISTICAL SOLUTIONS LTD 11227340
PEARL COMMUNICATIONS LTD 07096790
RABENJA DESIGN LTD 06771261
SEVEN GRAPHICS LIMITED 11305899
SGM PRINTING LIMITED 07920034
SOHO MUSIC PUBLISHING LTD 09773591
TAKERS PRINTERS LIMITED 05019329
THE LIVING ROOM MEDIA LTD 05457068
T.S. PRINT GROUP LIMITED 04510953
TLM MEDIA LTD 07113766
ZANCO (UK) LIMITED 11351302
MEMBERS VOLUNTARY LIQUIDATIONS
ADEPT PUBLICATIONS LIMITED 02599610
CITYTALK COMMUNICATIONS LIMITED 06231416
ENTALE MEDIA LIMITED 10872547
P.D.S. DESIGNS (SOUTHAMPTON) LIMITED 01899185
SAVE POINT DESIGN LTD 12508917
SMILE PUBLISHING LIMITED 03709145
SPEAKEASY MEDIA LIMITED 03584649
TURNAROUND MEDIA LIMITED 11433407
PETITION DISMISSED
ENSIGN GRAPHIC SOLUTIONS LIMITED 05015222
PETITIONS TO WIND UP
A&S COMPLETE ENVELOPES LIMITED 10844809
CAPITAL SPORTS MEDIA LTD 11143213
PAPER LONDON LIMITED 07725265
PULSE PRINT AND COMMUNICATIONS LTD 08206224
SIMON DESIGN PROJECTS LTD 08556499
SONNET MARKETING LIMITED 08548080
SUNRISE PUBLISHING LTD 13221849
SECRETARY OF STATE LIQUIDATION APPOINTMENT
IMAGE 2 OUTPUT LIMITED 04899814
NEXT CHAPTER STUDIOS LIMITED 11894538
WINDING UP ORDERS
A & S PRINTERS
FISCHER MARKETING MALTA LIMITED C73574
PEARL COMMUNICATIONS LTD 07096790
PULSE PRINT AND COMMUNICATIONS LTD 08206224
SSD EVENTS AND MARKETING LIMITED 11740190
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ICSM, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR. Tel: 0844 854 1850. www.icsmcredit.com. Ian.carrotte@icsmcredit.com
