ICSM Print Industry Insolvency News: trade publication Print Week charts ‘hot’ July as more firms go to the wall
By Harry Mottram: The editorial team at the printing industry’s leading trade publication Print Week have charted the companies that crashed in the heat and drought of July. Hannah Davenport reported on Jasprint of Tyne and Wear who ceased trading on 30th July, while also in July Blackpool printing firm Mark Two Print was liquidated by Jessica Leeming and David Acland of FRP.
Liquidators looking to recover monies owed by Yorkshire based UYR revealed that secured creditors Bizcap were owed £566,987, RBS Invoice Finance were owed £761,799 and NatWest Bank £253,000, the taxman was owed £176,352 along with £833,108 in unpaid PAYE and VAT. UYR’s unsecured creditors were left with precious little.
Print Week’s Richard Stuart Turner also reported on Aylesbury based mailing house GB Mail that has ceased trading also in July. The latest news from the printing industry’s main news site reported on Crewe Colour Printers of Cheshire. Hannah Davenport reported: “An estimated £709,000 was owed to unsecured creditors, according to a statement of affairs published yesterday (1 July). Estimated total assets available for preferential creditors come to £13,000. While 13 employees are owed just over £265,000 and unsecured creditors, of which there are 46, just shy of £320,000. The estimated total deficiency is £761,670.”
Ian Carrotte of ICSM said these were huge sums of cash and the once again unsecured creditors and the staff are left in the lurch. Print Week reported: “Print companies, paper distributors and print equipment manufacturers are among the listed creditors. Two associated businesses are listed in connection to the company, IColour Limited and 3CCP Limited, both of which do not appear to have an online presence.”
Richard Stuart-Turner of Print Week also noted of another July casualty: “Aylesbury high-volume mailing house GB Mail has ceased trading and is set to be placed into voluntary liquidation.”
Ian Carrotte said it was a ‘Black July’ for the industry with a combination of factors from bad debts to historic loans that can no longer be serviced with reduced cash flows.
For more stories at Print Week visit https://www.printweek.com/
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