Fri, 14 Feb 2020 | ADMINISTRATION
Long-established Leicester printing firm Taylor Bloxham Group has confirmed it has entered administration.
The company, which includes among its clients Bentley, Crown Paints and BAFTA, has appointed John Lowe and Ben Woolrych of specialist business advisory firm FRP as joint administrators.
Taylor Bloxham Group has been in business for more than 80 years and is made up of four divisions: printing solutions provider Taylor Bloxham, Point of Sale design and installation firm Instore, storage and ecommerce division FastAnt and direct mail solutions delivery system Mailbox.
According to FRP, the main issue being faced by the Taylor Bloxham Group was that it was suffering "severe cashflow pressures, which had become unsustainable in recent months following a period of losses and a tightening of supplier terms".
The administrators have been working with the directors of the company on an accelerated sale process in a bid to secure a sale for the whole business. However, the only offer received was for the Mailbox division, for which the sale has now been completed.
Mr Lowe and Mr Woolrych have now confirmed that they will focus on "maximising" and returns for creditors by selling the company's remaining assets and ensuring all employees affected receive the support they need.
Commenting on the announcement, Mr Lowe confirmed that they had managed to secure 21 jobs in the sale of Mailbox but are yet to secure the positions of the firm's other employees.
Lowe said: "Taylor Bloxham has been a part of the Leicester business community for over 80 years but, despite the best efforts of the management team, has been forced to close with immediate effect.
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