Hyway creditors slapped with 3.1m debt

Paper companies have once again been hit hardest by bad debts, after it was revealed that creditors of Hyway Printing Services must absorb 3.1m.

The company went into administration in July, and its major creditors include Classic Papers (£208,639), Dixon & Roe Paper Merchants (£238,622), Howard Smith Paper Company (£23,850), James McNaughton Paper (£104,333) as well as Robert Horne Paper (£84,968).

Toray Europe, which supplied plates for Hyway’s pioneering 12-colour Mitsubishi waterless press, is owed £166,068.

Royal Mail London (£662,116), Moor Envelopes (£129,715) and Benhamgoodheadprint (£78,725) are also major creditors.

Montrose Press bought the company’s assets at the end of August, saving 85 jobs.
Former Polestar Colchester managing director Peter Schofield was brought in as managing director of the new company.

The company has since decided to replace the Mitsubishi with a 10-colour Heidelberg.

Story by John Davies