Keldia Printing maintains it is business as usual after joint administrators from Hacker Young were appointed last Thursday afternoon (28 June).


But the Walthamstow-based commercial printer has been forced to lay off 25 of its 100 staff and cancel the order it placed this January for a 10-colour Heidelberg Speedmaster 74 in the wake of its directors decision.


Joint administrator Andrew Andronikou said the company was viable and would continue to trade. He said Keldia had been trading profitably but its fall could possibly be related to the MBO last year.


Keldias demise was not attributable to normal
trading conditions, said Andronikou. Its a very early stage, but Im taking advice as to what action, if any, to take. He added that he found it very unusual that both parties used the same adviser for the MBO.


The directors took advice early on and dealt with problems before they prejudiced the viability of the business, he said.
Sales and marketing director Tony Foo and three of his fellow directors bought the firm from founder Tony Diamond. Foo became managing director (PrintWeek, 21 July 2000).


Foo said Keldia had the full support of its customers and suppliers. Darren Brown, a director of Pressing Matters, which handles print buying for Orange, said he understood the background to the companys problems. My reaction isnt one of complete shock, but they havent left us in the lurch.


Foo admitted that the firms high gearing had meant that over the past couple of weeks it was unable to pay debts.
Andronikou said the directors had passed through the emotional stage of placing the firm into administration and were now determined to turn things around.


Keldia was also talked of as a potential UK beta site for the NexPress digital press, but this will not progress until its problems are sorted out.


Story by Gordon Carson