A notice posted to the London Gazette yesterday (Tuesday, 28 May) confirmed that Adam Stephens and Henry Shinners of London-based Smith & Williamson were appointed as liquidators of the company on 21 May as it is to be wound up voluntarily.
Shinners told PrintWeek that, following the approval of a company voluntary arrangement to pay back in excess of £1m in liabilities to creditors, one of Bermondsey, South London-based Fontain’s "principle print equipment suppliers" sought to terminate its agreement and instructed solicitors to recover the equipment.
He added that due to the termination of its supplier agreement, which resulted in "high termination charges that it was unable to pay" and the loss of "a major customer" after its CVA was reported, the commercial outfit was unable to fulfil its CVA and ceased to trade on 3 May.
One the same day, all 28 employees were made redundant with £41,139.03 due in wage arrears and holidays.
Smith & Williamson has appointed agents to deal with Fontain’s plant and machinery, while the company’s secured creditor is now working to realise outstanding book debts and any surplus above the £492,673.20 it is due will be paid to it in the liquidation estate.
Unsecured creditor claims came to £3,559,949.87, according to Shinners.
He confirmed that Fontain’s one-time subsidiary Hatch Print continues to trade, but not on Fontain’s former premises. Hatch managing director Gary Toomey previously confirmed to PrintWeek that his company was now “completely independent” and running its own kit.
Fontain managing director Adam Frost had not responded to requests for comment at the time of publication.
