Wed, 17 Feb 2010 | ADMINISTRATION
An East London printing business has entered administration again just 18 months after the owner bought it in a pre-pack administration.
Church Street Litho Ltd trades under the name of its predecessor Belgravia Colour Printers (BCP).
Insolvency practitioners Peter Kubik and Andrew Andronikou of Hacker Young have been hired as the administrators to the business.
The administrators have not yet announced their strategy for the company. It is thought options will include a business sale.
BCP managing director Martin Draycott set up Church Street Litho as a purchasing vehicle when BCP collapsed in 2008. He bought the business and assets of BCP from the administrators, shortly after it went into administration.
The pre-pack sale of the business angered BCP's creditors at the time, which did not receive the monies owed. A director of a finishing business was owned £12,000, and said of the printers: "They knew this was going to happen and they knew that we would not get our money back - that sticks in my throat."
According to filed accounts, the firm had over £1m of credit failing due within one year as of 30 June 2007, and assets of £542,947.
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