The Manchester-based commercial print and large-format graphics business went bust in December 2023 under the catastrophic ownership of Darren McMurray’s Rymack Sign Solutions, which had also failed to make agreed payments for the £3.17m purchase of the business.

This resulted in a multimillion pound writedown at previous owner Software Circle (formerly Grafenia).

Rymack Sign Solutions traded as PFI Group.

The latest progress report from administrators David Acland and Anthony Collier at FRP Advisory details their progress in gathering in the firm’s debts.

As part of the recovery process certain works were required to complete a formal contract with a major customer of Works Manchester that owed the company around £300,000 when FRP was appointed.

The majority of the debt has been recovered. However, FRP stated: “The remaining debt due from the customer totalling £50,000 has been withheld due to the loss of a customer owned item which cannot be located (this was stored at third party premises).”

Specialist advisers initially believed that £35,000 of the debt could still be recoverable but have since confirmed that they have abandoned any further collection attempts.

Total recoveries since appointment are £687,857.

As part of its work on the case FRP has also requested information from all current Works Manchester directors as well as those holding office within three years, and a report has been submitted to the Department of Business and Trade.

Works Manchester originally left an estimated total deficiency of just under £4.6m, including £1m with the Redundancy Payments Office.

Secured creditor IGF has been repaid in full. Preferential creditors are likely to receive a “substantial” distribution, while unsecured creditors will get nothing.

Works Manchester had sales of £4.1m and made an operating profit of £264,325 prior to PFI’s involvement.

The administration period has been extended for 12 months, to 31 December 2025.