Photobition's administrative receivers have announced that eight of the group's subsidiaries are in company voluntary arrangements (CVA), with another five in administration (PrintWeek, 2 November).
Arthur Andersen will also soon announce the situation regarding Photobition's results, which were due to be issued at the end of October but were put on hold when the group went into administrative receivership.
Photobition Investment, Photobition Holdings, Warren Holdings, Photobition CPL, GLG Holdings, Photobition International No 1, Photobition International No 2 and Photobition Overseas are all in CVAs.
Precision Display UK, Photobition Litho, Precision Colour Systems, Photobition Warrens and Market Tiers have all been put in administration.
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"Sad to see another print company facing financial trouble. The industry is tough, and this highlights the ongoing challenges many are facing. Hope employees and customers get clarity soon."
"Not surprised, businesses need to prepare for these attacks rather than thinking that they're going to avoid them. At the very least, data needs to be fully protected with air gaps in place..."
"So much for growth then!"
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