The Marlow-based print finishing business was acquired by a joint venture vehicle set up by Geoff Neal Group and Hardings Print Solutions in the summer of 2019. 

Geoff Neal managing director Sam Neal said the two firms had taken on the loss-making business with the intention of turning it around. 

“Evoteam had been a supplier to us for many years. Steve Harding and I looked at it and we felt we could restructure it. We acted with all best intentions – we didn’t pre-pack it and we took on all the debt.

“We committed to not taking a penny from the business until we repaid the debts.”

Neal said that progress had been made with the turnaround plan, but then the pandemic hit. 

“We fought tooth and nail to keep it going through the pandemic, but the reduction in volumes made that harder and harder,” he explained. 

“We reached a point where we had no choice. This is probably the most sad moment I can think of [in my career]. It’s such a shame because as a finishing company the Evoteam variety and skill set was so good.”

The firm offered a wide range of finishing services including cutting and creasing, embossing, varnishing and foiling, alongside numerous binding options and hand finishing. 

In its accounts for the year to 31 May 2020 Evoteam made a loss of £537,572 and its liabilities exceeded current assets by £460,909. 

“I can only say that both Steve and I did everything we possibly could to save a business that would have failed anyway if we didn’t take it on. I know in my heart we did the right thing at the beginning for the right reasons. We put a lot of money into it and took no money out,” Neal stated. 

“Without the pandemic Evoteam would still be trading and getting close to paying off those debts and that’s what we wanted to do.”

Evoteam ceased trading at the end of January with around 30 employees laid off. There has been no transfer of people or equipment to the co-owners.

“We have done our best to help staff find new roles,” Neal added.