According to industry sources, attempts by the Bermondsey, south London-based commercial print outfit to continue to trade and pay back liabilities in excess of £1m to creditors had proven unsuccessful, just a few weeks after the CVA was approved.
Sources said the company closed last Friday (3 May).
Its subsidiary, vegan printer Hatch Print, was confirmed by its managing director Gary Toomey to be relocating to another base in Bermondsey where it would be “completely independent” running its own kit after previously making use of Fontain’s onsite tech.
Toomey declined to comment on Fontain’s trading status, which remains unclear. Along with Toomey, Companies House also lists Fontain directors Adam Frost and Huw Harcombe as directors of Hatch.
Fontain's main number is constantly engaged, while a number of employees are known to have joined other businesses.
Fontain managing director Adam Frost declined to comment on the situation when contacted, although he said an update would be provided next week.
Legal firm Smith & Williamson, which was appointed when the CVA was confirmed on 29 March, would not comment on the current status of Fontain other than to say it had no further appointment beyond the original CVA.
With total liabilities equal to £4.2m, the now reportedly collapsed CVA covered Fontain creditors collectively owed just over £1m, who were set to receive an anticipated dividend of 82p in the pound.
Creditors voted on 21 February to approve the CVA, with 75% by value (£781,970.46) in favour. HMRC, which was owed £251,911 (25%), was the only party to vote against the arrangement.
