The Basildon, Essex-based litho and large-format printer, which had entered a Company Voluntary Arrangement (CVA) in May 2013, had faced a deadline of 31 July to bring its payment arrears to HM Revenue & Customs up to date, to avoid further breach of the conditions of the CVA.
However, the firm closed its doors on 17 July, two weeks before Greg Palfrey and David Blenkarn from accountancy and investment management group Smith & Williamson were appointed as liquidators.
Palfrey and Blenkarn told PrintWeek: “The director was unable to secure the necessary additional funding to enable the company to continue trading.”
At the time the business closed, it had a turnover of around £950,000 and owed around £800,000 to unsecured creditors and around £200,000 to secured creditors. A full creditors list is not yet in the public domain.
Liquidators also said the firm’s assets were subject to finance and have been repossessed and sold by the finance company.
The company operated a six-colour Heidelberg Speedmaster SM 102, a two-colour Heidelberg GTO 52, a four-colour Manroland 800, a Roland DG UV machine and a range of finishing equipment.
The company’s other significant asset, its book debts, are in the process of being collected by the finance company.
A total of 13 staff were made redundant as a result of the closure of the business, which produced print including posters, packaging, POS, direct mail and folded products such as maps and posters.
