The Leicestershire-based print management specialist was set up 13 years ago by Rob Clark, following a long career in the industry that began at BPCC’s Chromoworks plant in Nottingham in the 1980s.
The company was owned by Clark and his wife Kate.
Liquidators Stephen Berry and Jason Greenhalgh of Begbies Traynor were appointed to the company on 12 September.
Rob Clark told Printweek: “In addition to the print business, we had built our own proprietary procurement software solution for a couple of large businesses. We had major investment to rebuild it as a SaaS application, which we completed on time and to budget.
“Initially we forecast to service the debt with print revenue until the software revenue kicked in.
“We had huge interest in the solution, and were in the process of onboarding several clients and users, but the print revenue dropped off unexpectedly in H1, and as a result we couldn't service the debt, and the investor withdrew support.”
Clark said that even with the decline in revenue, the print side of the operation had still been profitable, “but the costs outweighed the income and so I had to make a call”.
The company had employed ten staff according to its latest accounts.
The Statement of Affairs details a total estimated deficiency of £859,182.
The biggest creditors are MSIF Business Growth Loans, owed £175,909; River Capital Management, owed £175,000; and Funding Circle owed £148,470.
Trade creditors, including a raft of print suppliers, are owed a total of £326,404.
Clark said he was devastated about the situation.
“We have always valued our suppliers front and centre, which is not how most PMCs operate, but we built a reputation for equitable partnerships and I am devastated to let them down – something which often gets lost in the process.
“It has also come at huge personal cost to ourselves.”
He said the liquidators were hoping to sell the software platform.
“It was a stunning solution, with API links into a variety of suppliers: branded workwear, promotional goods, print on demand, office supplies, office furniture, IT hardware and then in addition to products, HR services, IT support and office installations,” he explained.
Clark has set up a new print management company, having renamed his separate Approach IQ business as Clark PMC Ltd.
