Wed, 17 Apr 2024 | BUSINESS SALE
A printing company based in Bristol has been saved after being acquired via a pre-pack deal. Avonmouth-based Folio Print Finishing Limited fell into administration earlier this month after running into financial difficulties.
The company had established itself as one of the UK’s largest print finishers over the past three decades, offering services including saddle stitching, a range of binding techniques, stitching, die making and wrapping to a nationwide customer base.
Despite its strong standing in the print industry, the company began to experience financial difficulties following the insolvencies of two of its largest customers. These bad debts, combined with legacy HMRC and Rating authority liabilities, reportedly put the firm in an “untenable position”.
Begbies Traynor were engaged in February to assess the business’ options. Begbies’ Paul Wood and Neil Vinnicombe were subsequently appointed as joint administrators and secured a sale of the business to ATB Folio Print & Packaging Solutions Ltd on April 5, in a deal that saved all 40 jobs at the firm.
Paul Wood, joint administrator and partner at Begbies Traynor in Bristol, commented: "With two major customers falling into insolvency, the company was put under significant financial pressure, and it was immediately evident that a pre-packaged sale was the most desirable outcome.”
"This sale not only preserves the jobs of all 40 employees but should also enable a distribution to be made to some of the company’s creditors"
In the company’s last available accounts at Companies House, for the year ending March 31 2023, its fixed assets were valued at £111,049 and current assets at just under £671,000. At the time, however, it owed creditors more than £960,000, with its net liabilities totalling close to £248,700.
Click here to download our free guide on finding and buying distressed businesses and assets
Find out more about the impact of regulations on pre-pack acquisitions by connected parties
Established UK company with strong financial performance and multiple ownership options available.
Exciting opportunity to acquire a well-established electrical installation specialist with a strong client base and experienced management team in place.
Exciting opportunity to acquire a well-established family-owned recruitment agency with a strong client base in multiple markets in the South West.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.