Thu, 09 Jan 2014 | ADMINISTRATION
Glynn Print Holdings Limited, along with its subsidiaries Glynn Print Finishers Limited and The Website (Leeds) Limited, is being liquidated after a downfall in its trading situation.
The group directors made the decision to place the Yorkshire-based company into creditors’ voluntary liquidation (CVL) on 17 December 2013.
Chris Stirland and Phil Pierce, partners of FRP Advisory LLP were brought in as the liquidators on 31 December.
A “key order” had been cancelled just before Christmas, placing insurmountable pressure on Glynn Print’s cash flow and leading the company to fail.
Previous bad debts due to customers becoming insolvent had already put strain on the business. To round it off an attempt to sell off its assets just before Christmas had failed.
The liquidators are now working to market the assets for sale to claw back as much as possible for creditors.
Glynn had taken on an additional 20 staff in the preceding months to help fulfil the large order of its customer.
“When the order was cancelled at short notice and without warning, the directors of the group were faced with a very tough task of finding replacement work at short notice in what has been a shrinking print market for a number of years, exacerbated this winter by customers placing Christmas orders early,” Mr Stirland said.
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Related information:
Companies in liquidation
Business recovery and insolvency advice
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