ICSM Print Industry News: Swan Print debts, Boundless go bust, Ace in administration, publisher ceases trading, but Landa survive

By Harry Mottram: The trade journal for the printing and allied trades Print Week has been reporting on a series of shocking financial collapses in the sector this autumn. Journalist jo Francis charted in September the eye-wateringly high shortfall left by Bedford outfit Swan Print with the creditors looking at around £2m in unpaid invoices with the bulk being trade suppliers. Paper mills took the biggest hit of £700,000 with printers in the UK, France of Holland £300,000 out of pocket – the largest being Leeds-based Philip Myers Web (Neston) with a £108,869 debt.

Jo Francis noted: “Preferential creditors included nearly £57,620 assigned to the Redundancy Payments Service and holiday pay, and £4,607 for pension schemes. The figure for estimated total assets available for preferential creditors was £294,725. Swan Print’s unencumbered assets were sold by Hilco in a private treaty sale earlier this month."

Boundless shocker

From the ashes of Unbound – the crowd funded writers’ publisher which ceased trading March – Boundless emerged picking up the business much to the anger of the authors as they were left without their money. They had ploughed in cash to see their books published but were left with nothing. It was hoped that the successor business Boundless would see at least some success as a publisher, but no. Print Week reported that at the end of August the firm was closed bringing to an end the sorry saga – leaving many authors with no books despite their investment.

Print Week reported: “Unsecured creditors of Unbound were owed £2.4m and included more than 200 authors and agents, and nearly 8,000 website customers.”  Certainly Boundless’ CEO Archna Sharma will not be on the Christmas card list of any of those left without a penny, since the whole affair has been a disaster.

Publisher closed

Eye to Eye Media has gone bust in September. The firm published the glossy monthly food title Delicious and also produced content and creative print jobs for companies including Waitrose & Partners and Fortnum & Mason. The Kennington based firm is being liquidated with all staff sacked. Suppliers told Print Week the end came as a surprise. The publisher had specialised in food titles and even had a fully fitted kitchen in its offices for food writers to produce new recipes and try out old ones. Delicious had an ABC circulation of 36,628 in its latest certificate, for 2024 reported Jo Francis.

Ace Administration

Changes to the way print has moved increasingly to digital and shorter runs seems to have been on factor in the demise of Ace Binding. Hannah Davenport of Print Week has reported on the firm’s workers losing their jobs as the company entered administration at the end of August. She reported: “The Birmingham-based trade binding and print finishing company struggled under financial pressures. Conrad Beighton and Kirsty Swan of the Birmingham office of insolvency firm Leonard Curtis were appointed joint administrators of Ace Binding Company Limited on 18 August. Ace Binding Company’s sister business, Ace Spiral Binders Ltd, which was set up in 2021 and based in the same factory, will however remain in operation and provide the same services, but at a reduced capacity.”

Landa lives

Often dubbed the future of print with his nanography technology, Benny Landa’s future is a little clearer after he’s been given a reprieve from financial collapse for his Israeli based company. Jo Francis reported that the court in Israel has given the OK for a rescue deal with FIMI investing around £59m in the loss making firm. It follows a summer of uncertainty for the inkjet innovator Landa Digital Printing when the business was restructured and looked for new investment. Jo Francis wrote: “According to Ctech by Calcalist the deal means FIMI will own 100% of parentco Landa Corporation, with most of the remaining workforce kept on. At the time of writing neither Landa Digital Printing nor new owner FIMI had commented.”

Customers had apparently supported the rescue deal since it means they could recoup some of their past losses with new orders.

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