Finchmark has gone into administrative receivership, with the loss of 40 jobs.

On Tuesday 4 September The Stockport-based firm called in Kroll Buchler Phillips, which immediately cut 25 jobs from the firms graphic division and 15 from the direct mail side.

Chairman Jim McDermott said a series of unfortunate events had occurred, although he would not be drawn on direct reasons.

The firm has invested almost 4.5m in new equipment since the beginning of 2000. Purchases included a new five-colour Heidelberg Speedmaster CD102 for the pressroom and 1m worth of direct mail kit.

The 100-staff company reported a pre-tax loss of over 170,000 for the year ending 30 April 2000 on turnover of 7.6m. In an interview with PrintWeek in March, McDermott said he hoped to get up to the 14-15m mark by 2002 (PrintWeek, 2 March).

He said there had already been massive interest in the firm, a family-run business set up in 1977.
We are securing our clients and suppliers and we have had unbelievable support, I am feeling very positive about our future, he said.

McDermott didnt doubt that the firm would be sold on, and added that he hoped to remain as chairman.

In May Finchmark won a gold award at Sappis European Printer of the Year awards. We should be in Hong Kong this week for the international finals, he said. It would have been nice to have been there, but weve got our priorities straight. We are making every effort to drive this forward.

Story by Fay Schopen