Mon, 24 Jan 2011 | BUSINESS SALE
Following the failure of the subsidiary business of commercial printers Granite Colour, the company has fallen into administration.
The subsidiary arm, called The Good News Press, put severe pressure on the cashflows of Granite Colour following its purchase in February last year. The purchase has been named as the main reason behind Granite – which boasted a £2.5 million turnover - falling into administration.
Insolvency practitioners Tenon Recovery were called in as administrators to find a potential buyer for the Essex-based firm, and are already pursuing a going-concern sale with a new buyer.
A Tenon Recovery spokesman said, “Ultimately, Good News Press failed and was placed into liquidation on 24 August 2010 resulting in Granite experiencing a bad debt of circa £120,000. This bad debt had a significant detrimental effect on the company’s cashflow.
“The company’s association with the failed business resulted in certain suppliers insisting on pro forma terms, which put further pressure on cash flow. Finally, the company experienced a drop-off in its sales towards the end of 2010,” added the spokesman.
Granite Colour is continuing to trade in a 'limited, scaled-back capacity,' according to the administrators, who have confirmed that none of the 22 staff members have lost their jobs at this stage.
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