Begbies Traynor appointed to administer Capital

Insolvency practitioner Begbies Traynor has been appointed as administrator for the London print company.

Further detail was not available. PrintWeek contacted Begbies but was told: "The people dealing with the case are on site all day today."

The trading status of Docklands-based large format printer Capital was unclear on Thursday afternoon amid unconfirmed reports that its factory's doors had closed.

PrintWeek was contacted by several members of staff, who claimed they were informed that the company went into administration that afternoon.

It is understood that staff at the site were told to leave the premises at around 3pm this afternoon. Sources close to the company have also claimed that staff had been forced to take paid holiday at different times during the past three weeks.

Phones at Capital's Beckton site are not being answered and managing director David Gill has been unavailable on his personal phone.

Customers and suppliers to the company have also been in contact to say that the company has ceased trading.

Staff reported to PrintWeek that they have not been paid wages, due to be paid today (Friday 27 June). One employee said: We were told that the bank had pulled the rug on the company and they were working to pay us.

He added that some staff had taken equipment, including computers and a television, from the site.

It is unclear whether the factory will re-open, although there have been suggestions that three companies are interested in buying the site.

Rival companies may be interested in picking up the factory, which is only around two years old and was built after Capital was forced from its old site in Stratford, east London, to make way for London's 2012 Olympic Park.

The plant was also the first in the world to run two KBA 205 large-format presses.

According to the 2007 PrintWeek Top 500, Capital was the 167th biggest company in UK print. It had a turnover last year of just under £12m and employed around 90 staff.

Check printweek.com for updates as they happen.