Tue, 26 Feb 2019 | ADMINISTRATION
An ailing printing firm based in Colchester, Essex has fallen into administration citing a series of financial struggles as the reason for the company’s downfall.
Pressroom Plus has been forced to call in professional services firm Smith Cooper to handle the administration process, with partners Dean Nelson and Nicholas Lee appointed as joint administrators.
In the meantime, Pressroom Plus’s managing director Ian Richardson had said it is “business as usual” as the company will continue to trade as a going concern, and all 19 members of staff will be retained whilst a new buyer is sought for the company. The firm’s assets include staff, a warehouse which supports ink-mixing facilities, and Nottingham-based site which converts blankets.
Nelson, who is also Smith Cooper’s Head of Business Recovery and Insolvency, said: “At present, there have been several expressions of interest, and negotiations continue to take place. We will strive to secure the best outcome for all involved, and will ensure employees and stakeholders are updated in a timely manner.”
Prior to administration, Pressroom Plus was known for being a one-stop-shop for all printing hardware needs, including that of digital and screen printers and litho printing. It is considered to be one of the UK’s largest independent dealerships within the industry.
However, financial struggles in the face of poor trading conditions over a period of time, paired with the uncertainty that Brexit has levied on many British businesses, has forced Pressroom Plus to call in administrators.
Despite this, accounts for the nine months leading up to 31 May 2018 showed sales figures of roughly £4.7 million, compared to £3.1 million in the previous year, with a pre-tax profit of nearly £17,500.
Potential buyers are invited to express their interests in the business as soon as possible.
Click here to view the Pressroom Plus Limited listing for full details.
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