A statement from RSM Restructuring Advisory confirmed it had assigned partners Jamie Miller and Gareth Harris from its Leeds offices as joint administrators of Loop on Monday (15 April), following a notice of intent to appoint posted by solicitors Shulmans reported by PrintWeek.
It was confirmed that the company has ceased to trade and all 22 employees at Loop have been made redundant. Difficult trading conditions, which also hit fellow Sheffield operation Evolution Print at the start of the month, were cited as the cause of the administration.
Miller said: “The tough trading environment for the print industry has been well documented with more and more content moving online and, unfortunately, this has led to another blow for the sector.
“It is with regret that the employees of this long-established and well-respected local business have been made redundant and we are working with the Redundancy Payments Service to support all employees to process their claims as quickly as possible.
“We are also seeking to sell the company’s plant and print equipment to maximise realisations for creditors.”
Allan Chapman, director at Walker Singleton, which has been engaged to sell the kit, said Loop had “invested heavily, especially over recent years, in state-of-the-art equipment by industry leading manufacturers”.
PrintWeek reported in August last year that the company had installed a new Mimaki UCJV300-160 1.6m wide-format inkjet system costing around £24,000 to enhance its wide-format wing. On its 1,490sqm factory floor, Loop also ran a B2 Komori Lithrone S29 with coater alongside a Heidelberg Speedmaster SM 52.
Chapman said it is likely that an online auction to sell on Loop’s assets would take place to generate financial return for creditors. A date has yet to be set, with details due to be available on Walker Singleton’s website in due course.
In response to the tumultuous conditions in the city, two further Sheffield print companies Northend Creative Print Solutions and My Print Partners announced a merger this week intended to strengthen their collective capabilities.
