Tue, 12 May 2015 | ADMINISTRATION
A printer based in Tunbridge Wells is set to be liquidated later this month.
Reports from PrintWeek confirmed that Printwells ceased trading on 30 April and will be placed in to voluntary liquidation on 20 May.
Printwells was due to celebrate 25 years in business, but will now be dissolved, with David Thorniley of Traverse Advisory brought in to handle the matter, however a liquidator has not yet been appointed.
The team are now looking at the company's assets, which are thought to include its land, building and potentially some of the printing machines. A creditors' meeting will be held at a later date.
A former staff member spoke to the publication, noting that the team had been told the directors were going to “try and save the company if they can”. However, it appears that this was not deemed possible and he later told of the staff's reaction: “The marketing and sales staff [at Printwells] were in the process of setting up a celebration for 25 years – everybody's very sad about it.”
Printwells isn't the first printing company to face struggles in 2015. In March, Enfield-based The Magazine Printing Company was sold in a pre-pack administration to its former owner Anthony Stokes after a previous change of hands with the business didn't go to plan and cashflow struggles and a lack of credit pushed the firm to breaking point.
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