Wed, 22 Aug 2012 | ADMINISTRATION
A printing firm based in Co Down has entered administration after 80 years in operation.
Bangor-based Commercial Graphics (NI) Limited ceased trading last Friday (17 August), with 32 employees made redundant. Two have been retained to assist administrators with the winding down process.
Stephen Cave and Paul Rooney from PwC have been appointed to handle the administration, blaming the company's failure to tackle its declining turnover and a significant rise in competition in the local print sector for its collapse.
Mr Cave commented: “Despite the efforts of the directors to secure the future of the business, severe cash flow pressures led to a cessation of trading last week, with 32 employees being made redundant.
“Our immediate objective will be to determine the financial position of the company, and to examine potential sale opportunities.”
Joint managing directors of Commercial Graphics said in a statement that the directors “did their utmost to maintain the company's viability in an extremely competitive and challenging Northern Ireland printing market”, adding that they “regret that our efforts were unsuccessful”.
A number of printing firms in the area have hit difficult times over the past few years, with several entering administration, including Northern Whig Limited.
Providing a range of dry-cleaning and laundry services for retail and corporate customers across the West Midlands.
An excellent opportunity has arisen to acquire an established M&E engineering and construction specialist based in the North of England.
A steel processing business based in the North West has ceased trading after falling into administration. The company specialised in hot rolled steel and reversing mill plate processing. Offers for assets are invited as soon as possible.
14
|
May
|
UK administrations update: May 8 –14 | ADMINISTRATION
Since our last update, the following businesses have been co...
14
|
May
|
Waterproofing firm Pudlo acquired out of administration | BUSINESS SALE
Waterproofing products firm Pudlo Products has been relaunch...
13
|
May
|
Estate agency makes third acquisition in six months | BUSINESS SALE
Pattinson Estate Agency, a property firm based in Wallsend, ...
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.