In a statement, the company said that as a result of the insolvency process of Gemini Print Southern Ltd, based in Shoreham-by-Sea, West Sussex, 126 employees have been made redundant with immediate effect. An announcement was made to staff at the company’s headquarters yesterday (3 June).
Around 10 staff will be retained at the site in the short-term to complete existing commitments and orders.
The board of Gemini said in the statement that an accumulation of factors had led to the decision to place the company into administration.
It said trading was seriously impaired during the Covid pandemic and struggled to recover fully, inflationary pressures led to steep increases in rental and energy costs, and a substantial debt owed to the company remains unpaid and is likely to become the subject of legal proceedings.
The board statement said: “We are deeply sorry for colleagues affected by this decision but the company has been placed in an impossible situation and has a legal obligation not to trade whilst insolvent.
“The directors and management have strived in recent months to address the financial issues facing the business but have been unable to secure a solution that would enable the company to continue trading.
“We fully recognise the impact this will have on staff and their families, and every effort will be made to assist them in the days and weeks ahead. Further information will be provided by the administrators once appointed.”
The name of the intended administrator has not yet been confirmed by the business, but Gemini managing director Steve Cropper told Printweek that more updates would be shared “as things go on”.
Printweek was further informed by the company that “every effort was made to avoid reaching this point, including seeking a sale of the business”.
“The role of the administrators will be to maximise realisations for the benefit of the company’s creditors and this will include seeking offers on the company’s unencumbered assets through specialist asset valuation and disposal agents Eddisons.
“The company ceased trading at 2pm on Monday and around 10 staff will be kept on to complete existing commitments. We cannot comment further on other matters at this stage.”
The nature of the firm’s current assets have not yet been confirmed.
According to the plant list on its website, Gemini ran four Heidelberg litho presses – two B1 machines, a B2, and a B3; an HP Indigo 100k and an Indigo 7800; an Epson large-format printer; a raft of specialist mailing kit; and a wide range of finishing equipment including guillotines, folders, creasing, stitching, laminating, and binding machines.
Established in 1971, Gemini offered print and finishing, mailing and fulfilment, personalisation and data and creative and design services among various others.
Prior to the pandemic, during which production at a Bristol site was ceased, Gemini Print Group had a turnover of just under £20m.
This was reduced due to the impact of the pandemic and in its most recently filed accounts at Companies House, for the year ended 31 July 2022, Gemini’s turnover stood at just over £16.5m.
Note: Gemini Digital Colour Ltd in Bridgend, South Wales has no connection with Gemini Print Southern Ltd based in Shoreham-by-Sea, West Sussex.
