Ian McCulloch and Mark Ranson of Opus Restructuring were appointed as liquidators of Lancashire Printing Co Ltd on 24 June according to a notice on The Gazette.
Lancashire Business View reported that a sale of the business to a connected company, Lancashire Foil & Print, was completed on the same day.
It quoted McCulloch, partner at Opus, who reportedly said the business had struggled during the pandemic, with its customers primarily made up of the affected hospitality and office-based business sectors.
While orders at the company were increasing, this was not enough to resolve the position and its directors sought financial advice.
All jobs were saved as a result of the deal, the article stated.
“Having reviewed the position, we concluded a sale of the business was the best outcome for all parties. We are delighted to have been able to complete the sale, thereby safeguarding jobs and ensuring continuity of supply from a longstanding and well-regarded business,” McCulloch said.
The directors of Lancashire Foil & Print were also quoted to have said: “We have worked for Lancashire Printing Co for over 30 years and will continue to offer our trusted service, and work with our clients to produce inspired modern print solutions.”
The liquidators did not want to comment further when approached by Printweek.
Lancashire Printing Co’s statement of affairs, filed at Companies House, showed that it had an £80,004 CBILS loan from NatWest as well as a £74,446 overdraft with the bank. Trade creditors were owed £41,462. The company’s total estimated deficiency was £165,220.
