A notice on Caseboard dated Wednesday (19 February) confirmed the filing, applied for by Andrew Watts – managing director of Padstow-based TJ Books Limited.
The notice was confirmed by the High Court, which also told Printweek yesterday that two names were listed as proposed administrators – James Saunders of KR8 Advisory and Gareth Wilcox of Opus Restructuring.
No further information has been filed at The Gazette or Companies House so far and neither Watts or either of the proposed administrators had commented at the time of writing.
Last August, Craig Johns and Jason Elliott of Cowgills were appointed as administrators of Wakefield-based H Charlesworth & Co Ltd – which traded as Charlesworth Press – just eight weeks after the business said it was merging with TJ Books to form Fortis Print Group.
After buying Charlesworth in the pre-pack deal, Watts told Printweek at the time that all 60 Charlesworth staff were TUPE’d over to TJ Books, and that the company had bought all of Charlesworth’s assets from the administrator, enabling it to continue to operate out of Wakefield.
Watts and finance director Andy Adams acquired TJ Books in 2018, becoming co-owners of the company that was founded in 1969 and operates from a 7,700sqm site.
In its most recently filed full accounts at Companies House, made up to 30 November 2023 and filed in November 2024, the business reported turnover of £15.4m, down 2% from just under £15.8m in 2022.
The company employed 145 staff on average in 2023, compared to 149 in 2022.
Under the ‘going concern’ section in the directors’ report for the year, the directors said that the general economic downturn had an effect during the year, decreasing volumes and increasing costs, but that cash, profits, and net assets were expected to be sufficient for the company to continue to trade.
“Forecasts show income for the coming 12 months to be an increase on the 2024 figures, and profits are expected to be made,” the report had stated.
“Post year end the company purchased the trade and assets of a second printing business to create a more robust business model.
“Production will continue in Padstow with the merged company assets being purchased by TJ Books Limited. The merger will significantly increase headline sales without a corresponding significant change to the fixed cost base of the business.
“One off costs were incurred in the short term relocating operations to Padstow and additional asset finance was secured to purchase the printing presses necessary to meet the increased sales demand.
“The directors believe this transaction will be very positive for the business in the medium term leading to improved profitability and cash-flow.”
The directors felt that the main risk in the projections they prepared was unexpected reductions in sales volume which would impact the ability of the company to finance its debts.
