Established in 2009 by managing director Thomas Duffy, the circa-£1m turnover company produced litho print for both commercial and trade customers.
Glyn Mummery and Paul Atkinson of FRP Advisory were appointed joint liquidators of the business on 13 February.
The liquidators said the business had faced a number of financial challenges in recent months that led to severe cashflow problems, ultimately forcing it into voluntary liquidation. All of its seven staff have been made redundant.
FT Solutions’ recently filed statement of administrator's proposal shows that Henna Press was owed £167,029.
Duffy told PrintWeek: “We took a bad debt from FT Solutions, who were my biggest client. We were doing £50,000 worth of work a month for them so you get to 90 days and you’ve done £150,000 and then they missed a month, and then it dropped to two, and then they went under.
“It was a nice little company and we were doing alright but there were too many eggs in one basket. We only put a new 10-colour Heidelberg Speedmaster CD 74 in 18 months ago and we were doing fine. But the bad debt completely wiped us out.
“I just didn’t have enough money to start up again. I’ve run the company for 10 years and built it from nothing and I haven’t got the heart to do it again.”
He added there was little work in progress left when the business shut its doors on 19 Jan, a few days after administrators were appointed at FT Solutions.
Duffy said he is now looking for work within the industry, either as a factory manager or in production or estimating.
The liquidators are now looking to sell all of the firm’s assets in order to achieve the best possible outcome for creditors.
Duffy said the Speedmaster has already been sold on. The company also operated two MBO folders, a Muller Martini stitching line and a Polar Flowline and had a full repro department. It had been leasing the building it was based at.
FRP's Atkinson said: “Having worked closely with management to review all options, the financial situation of the company meant a voluntary liquidation was the only practical route available.
“Our focus is now on ensuring the optimal outcome for stakeholders. We are working closely with customers during this challenging period, and would encourage any parties interested in purchasing assets to make contact.”
