Fri, 28 Sep 2012 | ADMINISTRATION
Newsfax, the company that prints the Financial Times, has entered administration following struggles with spiralling costs and mounting pressure to keep costs down.
The business collapsed after the free Metro newspaper moved to rival firm Newsprinters, along with a number of its other customers.
The Newsfax plant in Rainham, Essex has brought in administrators from KPMG to organise its affairs, while BDO will administrate the Newsfax subsidiary in East London.
All of the remaining companies have made alternative arrangements to ensure that their papers will continue to hit the news stands. The Financial Times is perhaps the most high profile of the firm's remaining customers. The FT's subsidiary St Clement's Press will take over the running of the East London plant itself, effectively bringing operations in-house, while continuing to print other publications.
A spokesman for the paper said: “The Financial Times is one of Newsfax's oldest and largest customers and we are deeply concerned about the situation the business finds itself in. Newsfax has been working with its creditors but has unfortunately been unable to agree a way forward.”
Meanwhile, restructuring partner, Allan Graham from KPMG, remarked that Newsfax, “has become a victim of the difficult environment faced by the printing industry, which faces over-capacity and tough pressure on pricing.
“The company has spent the past few months trying to find alternatives to save the business but these efforts have proved unsuccessful. The administrators are now reviewing the options for the business.”
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