Thu, 22 Apr 2010 | ADMINISTRATION
York-based printing business Sessions has entered administration, after being badly hit by the recession, and suffering from the 30% rise in paper pricing.
The administrators, the P & A Partnership, have taken over the running of the business. The company is being offered for sale as a whole or in part and is being marketed by agents Charterfields. The three divisions comprise label printing, labelling machinery and commercial printing.
The 200-year-old business, which had a £6m turnover, said: "We deeply regret the hardship that this will cause our employees and our creditors."
One engineer at the company, Ray Stephenson, said: "There'd been problems for a long while but we didn't really expect (it) at this time because of the amount of work we had."
Sessions said in a statement: "In a weak highly competitive market, we have been unable to pass on all this enormous cost increase to our customers and the consequence has been that our margins have been squeezed to a level which makes it impossible to continue trading.
"Furthermore the company carries the burden of a large deficit in a final salary pension scheme."
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