Wed, 13 Feb 2013 | ADMINISTRATION
Argall Solutions, trading as Alito Color Group, has entered administration after suffering severe cash flow difficulties.
A third party, Litho Supplies, had requested a winding-up petition against the firm at the end of January 2013. Argall Solutions then filed its intention to bring in administrators on 6 February.
On appointment of the administrators Paul Ellison and Gareth Roberts at KRE Corporate Recovery, the 40-strong workforce all lost their jobs.
The firm had sold two of its three KBA presses in an effort to stem the loss of cash, replacing them with two second-hand Heidelberg presses. The actions proved to be insufficient.
Joint administrator Mr Ellison told PrintWeek: “The company had recently suffered heavy trading losses and was attempting to restructure by negotiating a Time to Pay arrangement with Her Majesty’s Revenues and Customs and refinancing plant and equipment.
“However, sufficient funds could not be raised against the plant to enable the company to survive. I had not funds with which to guarantee wages and therefore no option but to make all employees redundant.”
Based in Leyton, East London, Alito used various printing machines to offer litho and digital printing, sheet fed, digital and direct mail, personalised print and print management services etc.
The firm previously entered administration in February 2011, with the administrators at UHY Hacker Young selling the business to the managing director at the time, Mr Collins.
This is a well established and profitable business, one of a very small number of trusted building contractors working on historically significant traditional buildings and monuments.
A well-established Mechanical and Electrical Business located in the North-West with Nationwide coverage. The decision to sell the Business stems from our client's desire to retire.
This bustling and profitable pub/restaurant, situated in a prime trading location, is now on the market due to the owner's retirement plans.
LEASEHOLD
02
|
May
|
Two country hotels sold following confidential marketing process | COMMERCIAL PROPERTY
Two country hotels in the South East of England have been so...
02
|
May
|
Two South East accountancy firms agree to merge | MERGER
Two accountancy firms based in the South East have announced...
02
|
May
|
Legal services group completes eighth acquisition | BUSINESS SALE
Acquisitive legal services group Lawfront has completed a de...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
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.