ICSM Printing Industry Insolvency News: folded Welsh cardboard firm leaves unsecured creditors with a £1.5m headache
By Harry Mottram: When Flintshire outfit Boardlink went bust this year they left their suppliers with an eye-watering £1.5m deficit. The unsecured creditors have learnt the terrible news from Richard Harrison and James Clark of Interpath Advisory who were appointed last month to sort out the financial mess. Writing for the trade publication Print Week Jo Francis reported: “The firm’s Statement of Affairs shows an estimated total deficiency of £1.12m, after taking into account £1.4m of assets available for preferential creditors. Iggesund Paperboard’s Workington mill, part of Swedish group Holmen, was the biggest single trade creditor and was owed £997,451 according to the report. However, the report also details stocks valued at just over £1m. Printweek understands that Boardlink had a long-standing partnership with Workington, but this was terminated in a move that may have precipitated the firm's collapse, although this has not been confirmed.”
Ian Carrotte of ICSM said it was a shocking state of affairs. He said: “How can something like this happen with suppliers left with such a massive headache of a bill. Holmen is potentially left nearly one million pounds down the Swanee – the kind of loss that can sink some smaller firms. Our concern at ICSM is the way Boardlink were able to run up such a huge bill when there must have been warning signs that something wasn’t right.”
What the reasons for the demise has not been given but it is likely to be a mixture of factors from interest rates, energy costs and historic debt – although the amount owed to creditors is lower than in 2020 when North Star Print Group went out of business owing an estimated amount north of £4.5 million. A year earlier Latimer Trend and Company also went bust owing £4.5m with unsecured creditors owed around £3m.
More printing and allied firms in trouble:
ADMINISTRATORS APPOINTED
JELLYFISH PICTURES LIMITED 04453713
LEOSTAR BESPOKE PROMOTIONS LIMITED 12525070
SEVERNPRINT LIMITED 01317797
RED NOTICE LIMITED 09127752
UNITED AUTHORS PUBLISHING LIMITED 07279146
WILLIAMS NICOLSON LIMITED 13095793
ADMINISTRATION MEETING OF CREDITORS
MONUMENT PAPER BAG CO LIMITED (THE) 00481099
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
AMALGAMATED SIGNS LIMITED 02936425
CATO CREATIVE LIMITED 08024009
ES PRESS LTD 15738212
HARROGATE AV INTERNATIONAL LTD 11470078
M & S MARKETING LTD 07760489
CVL LIQUIDATORS APPOINTED
A0 PRINT SOLUTIONS LTD 06800676
BSC SIGNS LTD 12628959
CLEAR MEDIA SOLUTIONS LTD 07739650
FLORENCE MEDIA PRODUCTIONS LTD 11804118
FRANKFORM MARKETING LTD 08599118
HURRICANE PRINT LTD 06136676
LITTLE WHITE BOX HOME LIMITED 07934257
PERSPECTIVE MEDIA LTD 11837661
SPRINTER PRINTER GROUP LTD 10086384
TAN MEDIA LIMITED 07192766
THE LEMON PRESS LIMITED 02597221
TRIANGLE MUSIC LIMITED 12167248
TWIST PICTURES LTD 09776994
VISION VISUAL SOLUTIONS LIMITED 03129066
MEMBERS VOLUNTARY LIQUIDATIONS
ALYA DIGITAL IC DESIGN SERVICES LTD 09424687
CHROMA COLOUR LIMITED 02091491
CARTHY COMMUNICATIONS LIMITED 08485743
HAMBLYN FILMS LTD 10672692
INSIGHT PRINT MEDIA LIMITED 06736188
JUNGLE TV LTD 07252428
MARY ANN HORGAN LTD 09372892
MENAGERIE MEDIA LTD 11436021
ORCHESTRATE MEDIA LIMITED 09017772
PJ PRINT (EAST ANGLIA) LTD 08123808
RA-RA FILMS LTD 04160196
RYAN EDWARDS COMMUNICATIONS LIMITED 07190521
THE DEMON DESIGN CO. LIMITED 03454218
TV EDITOR LIMITED 09401202
WAVE TECHNOLOGY LIMITED 02367698
PETITION DISMISSED
WELLPACK EUROPE LTD 06398419
PETITIONS TO WIND UP
CHANNEL 7 LIMITED 10634036
SAMON FILMS LIMITED 08191153
W G OFFICE SUPPLIES LIMITED 01350592
SECRETARY OF STATE LIQUIDATION APPOINTMENT
BASE-FLOW LTD 11495518
RYMACK SIGN SOLUTIONS LIMITED 05806281
WINDING UP ORDERS
A & S PRINTERS 05745694
EAGLE VIEW FILMS LIMITED 12543033
FOREVER LIVING ORIGINALS LTD 10082328
ICSM CREDIT
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