Mon, 22 Apr 2019 | ADMINISTRATION
A printing company based in Sheffield has fallen into administration after citing difficult trading conditions as the reason for its downfall.
Loop Print was forced to call in RSM Restructuring Advisory LLP to handle the administration process, with partners Jamie Miller and Gareth Harris appointed as joint administrators.
Specialising in litho and digital printing, the company conducted its operations from a 1,490 sq ft factory floor in Digital Works, Sheffield and catered its printing services to clients across the country.
A spokesperson for RSMM Restructuring said: “The decision to appoint administrators was made by the directors of Loop Print after suffering from difficult trading conditions within the printing sector. As a result, the company has ceased to trade.
“The administrators are reviewing all company assets with a view to maximising realisations for creditors.”
Loop Print is known to have invested significant revenues into its state-of-the-art equipment, designed by industry-leading manufacturers, over the recent years. Some of its new technology include the Mimaki UCJV300-160 1.6m wide-format inkjet system, a B2 Komori Lithrone S29 with coater, and a Heidelberg Speedmaster SM 52.
Miller added to this: “The tough trading environment for the print industry has been well documented with more and more content moving online and unfortunately this has led to another blow for the sector.
“We are also seeking to sell the company’s plant and print equipment to maximise realisations for creditors and would encourage any interest parties to contact us […] as quickly as possible.”
It is likely that an online auction will be arranged to raise funds for the assets; potential buyers are invited to express their interests immediately.
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