Mon, 17 Jul 2023 | BUSINESS SALE
Ipswich-based litho and digital printer Fuller Davies has been acquired out of administration by Bury St Edmunds firm KNP Litho. Fuller Davies, which has been operating for more than 30 years, fell into administration earlier this month.
The company had suffered as a result of numerous pressures, including COVID-19, bad debts and rising costs. Administrators from The Debt Agency were appointed on July 5, subsequently concluding a sale of the business to KNP, which is based just 27 miles from Fuller Davies.
Speaking to industry publication Printweek, Fuller Davies managing director Neil Stones said that the pressures facing the firm had prompted it to seek a “rigorous review” of its operations from a business advisory in April of this year with the aim of finding “the most appropriate course of action”.
After the business’ operations were reviewed, it was recommended that it be placed into administration, at which point the company began seeking an appropriate buyer.
Stones, who approached KNP, commented: “KNP are a strong business we’ve collaborated with for a number of years, who share the same ethos and beliefs as Fuller Davies, and are therefore a wonderful partner to help us carve out a new future.”
Also quoted in Printweek, KNP Managing Director Dave Gibbons said: “They’re a business we’ve known and worked with for several years, they’ve done a lot of great work for many companies in the East of England and beyond, but most importantly, they share our values, commit to delivering outstanding service and quality, and go that extra mile for their customers."
Gibbons added that KNP would aim “to build on Fuller Davies' reputation and provide customers in East Anglia with the kind of comprehensive service that meets their needs through high quality, cost effective solutions”.
In KNP’s most recent accounts, for the year ending September 30 2021, its fixed assets were valued at slightly over £1 million, with current assets valued at £659,379. At the time, the company owed around £1.3 million in total to creditors, with net assets standing at £185,878.
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