The majority of Duncan Web Offsets 200 employees have been made redundant after the firms sites, in Tovil and Parkwood, were closed by its receiver.


BDO Stoy Hayward receiver Simon Michaels said: In view of the losses and the level of debt over the companys financed assets, it is no longer possible for Duncan Web Offset to continue trading.


He added that the groups other companies continued to trade and that every effort was being made for work placed at the firm to be completed or placed elsewhere.


Michaels said: We are currently in the process of working with employees to recover as much of the monies as possible, under the Department of Employments redundancy payment scheme.


A skeleton staff is to be kept on at the company to ensure that the closure is as smooth as possible, but the firm is to all intents and purposes closed.


We understand that this is a very difficult time for those concerned and are doing all we can to clear up any confusion and clarify the situation for employees and creditors, said Michaels.


Michaels was appointed receiver on Thursday 31 May, and said that his priority was to sell the business as a going concern.


The news comes only four weeks after chairman Bill Duncan admitted that running the 200-employee company across its two sites at Tovil and Parkwood was proving to be a financial burden.


Duncan had predicted a bright future for the company, as it was on the verge of freeing up 4m after the sale of its Tovil site. It was hoped that on the back of this a further 2m could be borrowed to complete the Maidstone move.


The group had announced a 15% rise in sales for 2000 to 21m but profits fell by 500,000.


Story by John Davies