ICSM Print Industry Insolvency News: End of the road for Chroma Group as the directors deny they will benefit from the collapse

By Harry Mottram: Inevitably when a once prosperous firm goes bust suppliers left with unpaid invoices want to know what happened and why they were not warned that they could be left high and dry. Anyone who has delivered or supplied goods and services to a firm one day expecting payment 30 days later is devastated when the following day the company calls in administrators. There is a universal feeling that ‘they must have known.’

So it was with interest that we read Richard Stuart-Turner’s account of the collapse of the Chroma Group in Print Week, the line given by the directors at the end of the sad story. The firm’s managing director Chris Goslar is reported to have told the print industry publication: “What I would make very clear – particularly with the suppliers – is that the current directors – myself, Justin, and Cindy [Goslar, finance director] were in no way going to benefit at all from this company closing down.”

Based in Ely Road in Theale the firm had a turnover of around £3m but told Print Week that things went wrong in January and after calling in the administrators David Taylor and Paul Ellison of KRE Corporate Recovery in February it was decided to wind up the business. How much the suppliers are owed has not been disclosed but all 21 staff were made redundant.

The explanation given for the sudden collapse was a major client pulling their business overnight and a January when sales slumped.

The Print Week story can be read here: https://www.printweek.com/content/news/chroma-group-appoints-administrators-and-closes-doors

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