In a statement sent to Printweek, Jude Whitford said: “It is with a heavy heart that I am forced to address the unfortunate reality of our current situation and announce the liquidation of Pepper Communications Ltd effective immediately.
“The printing industry, which has always been a challenging and competitive field, has been dealt a series of severe blows in recent years. The combined effects of Brexit, the Covid-19 pandemic, and the ongoing war in Ukraine have created an environment of uncertainty and instability, causing a significant downturn in our industry.
“The challenges we have faced have been compounded by rising costs of paper, energy, and labour, which have significantly impacted our bottom line. At the same time, we have been required to repay Covid loans, adding additional strain to our already stressed finances.
“Despite all our efforts to remain afloat, the financial situation was further exacerbated by significant bad debts from clients who, like us, have struggled to survive in this challenging environment.”
He added: “It is with deep regret that I must acknowledge that the current situation is beyond repair, and the only responsible course of action is to liquidate. This has not been an easy decision to make, and it is with regret that I must inform our valued employees, creditors, and customers of this difficult situation.
“As we move forward, I want to express my sincere gratitude to everyone who has been a part of our company’s journey and assure them that we will work closely with the appointed liquidators, Steve Henson and Adam Buck of Castle Hill Insolvency, to ensure that the liquidation process is carried out in an orderly and transparent manner.
“I would also like to take this opportunity to reflect on the hard work and dedication of our employees who have contributed to the success of our company over the years and apologise for the impact that this decision will have on their lives.
“To conclude, the situation that we find ourselves in is a testament to the pernicious impact of external forces on even the most well-established businesses. I hope that the lessons learned from this experience will serve as a cautionary tale to others, and I sincerely hope for a brighter future for our industry and the wider community.”
Henson had confirmed to Printweek earlier this week that Castle Hill Insolvency had been appointed by Pepper’s directors to assist the company with the process.
In a further statement sent to Printweek today, he said: “At a meeting held this morning I, together with my colleague Adam Buck, were appointed joint liquidators by the creditors of Pepper Communications Ltd.”
He added all relevant stakeholders have been or will be contacted directly.
While redundancy numbers had not been confirmed at the time of writing, Plymouth-based Pepper Communications had employed more than 50 staff as of March 2022.
