TPF isn't the only printing company in a parlous financial position, but it is one of the most high-profile.

During the compilation of PrintWeek's most recent Top 500 story, it emerged that it was the only firm in the top 30 by turnover with accounts that were overdue, which was telling in itself. Now those accounts are finally filed, we have some idea of what new owner Thames Valley Capital has taken on. Good luck to them in picking the bones out of that one, they're going to need barrowloads.

It did get me thinking, though, about something the top brass at St Ives talked about when they put their year-end results out last October. The group had negotiated new banking arrangements with RBS and HSBC involving a £70m "fully committed" facility - a smart move as the banks can't then start subsequently moving the goalposts. CEO Patrick Martell told me at the time that arranging this had been more time consuming and expensive than similar exercises in the past. And that's ST IVES. Yes the group has its problems, but it's still a company with net assets of £122m, that managed to cut its debt by £14m (or 43%) even in such a crappy year, as well as paying in an additional £14.4m as part of ongoing efforts to tackle its pension scheme deficit.

How on earth are financially weak printcos in need of it going to persuade anyone to stump up fresh funding, with the sector in the shape it is? Access to finance is surely going to be one of the critical factors that sorts the wheat from the chaff this year.