Wed, 22 Aug 2012 | ADMINISTRATION
A printing firm based in Co Down has entered administration after 80 years in operation.
Bangor-based Commercial Graphics (NI) Limited ceased trading last Friday (17 August), with 32 employees made redundant. Two have been retained to assist administrators with the winding down process.
Stephen Cave and Paul Rooney from PwC have been appointed to handle the administration, blaming the company's failure to tackle its declining turnover and a significant rise in competition in the local print sector for its collapse.
Mr Cave commented: “Despite the efforts of the directors to secure the future of the business, severe cash flow pressures led to a cessation of trading last week, with 32 employees being made redundant.
“Our immediate objective will be to determine the financial position of the company, and to examine potential sale opportunities.”
Joint managing directors of Commercial Graphics said in a statement that the directors “did their utmost to maintain the company's viability in an extremely competitive and challenging Northern Ireland printing market”, adding that they “regret that our efforts were unsuccessful”.
A number of printing firms in the area have hit difficult times over the past few years, with several entering administration, including Northern Whig Limited.
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