Shere Arts creditors voluntary agreement (CVA) has been accepted by IBM, which is owed 350,000 by the Guildford-based digital print firm.


IBM business manager for Northern Europe David Myers said the firm was not prepared to comment on its reasons for the decision.


Shere Arts creditors meeting was held last Tuesday (3 April) and all of the creditors, with the exception of the Inland
Revenue owed some 46,000 agreed to the terms of the CVA.


The result "makes a lot of sense," said Shere Arts director Martin Warner. He said that once all the creditors had been paid, Shere Arts would continue to trade "in whatever shape or form", though no details as to the future of the firm were revealed.


Shere Arts is currently undergoing a planning application for the sale of its premises.


Warner also said that Shere was looking to buy a machine for "new product security, using a combination of Xeikon and web technology", though no further details were disclosed.


"It will be interesting over time to see if Shere Arts CVA goes the same way as all the others Ive seen," said Steve Mepham, partner at credit checking agency ICSM.


Story by Jeremy Allen