Tom Straw and Simon Thomas of Moorfields Advisory were appointed joint administrators of the company last Wednesday (8 January), following unsuccessful attempts by the business to find a buyer.
Based in Nottingham, the 50-year-old company manufactured wallpaper books, fabric books and fabric swatch cards for the textiles and home interior industry.
The administrators said the company’s trade suffered “as competition increased and the industry evolved”.
In a statement, Moorfields Advisory partner Tom Straw said: “It is unfortunate that a buyer was unable to be secured for the business.
“The company has entered administration due to the competitive nature of the industry sector and an increasing focus on digital technologies. We are doing our best to support the staff affected by the news.”
Interested parties were advised to contact Stephanie Larivee at Moorfields Advisory.
The trading status of the business is unclear, but Printweek understands that it has ceased trading with the majority of its remaining staff laid off. However, at the time of writing Moorfields was yet to expand on the brief statement it issued and the Cem Press phone line was going straight to voicemail at the time of writing.
According to its most recently filed accounts at Companies House for the year ended 31 December 2018, Cem Press, which is registered as CEM Press Ltd, recorded a turnover of £2.85m but incurred a net loss of £210,287.
The accounts included a note that stated that due to its losses and liabilities the company was “dependent on the ongoing support of its ultimate parent undertaking CEPS PLC”. Industrial holding company CEPS PLC owned an 80% stake in Loughborough-based Sunline Direct Mail, which was placed in administration in June 2018.
According to Cem Press's accounts it had 67 staff in 2018, including 56 production and sales staff and 11 management and administration staff.
The company ran semi-automatic screen-printing presses, two-colour litho presses, and finishing kit including cutting and creasing and foil-blocking machines.
Clients included Beaumont & Fletcher, Cole & Son, Designers Guild, DG Royal Collection, Paul Smith and Sandersons.
