Fri, 16 Jan 2015 | ADMINISTRATION
The Kettering, Northamptonshire-based press manufacturer, Timsons, has been put into creditors’ voluntary liquidation, after it was unable to gain new orders for its products.
The firm, which was first established in 1896, employed 25 people, all of whom have lost their jobs as a result of the liquidation. It was split into two branches last year after a restructure saw the firm stop manufacturing conventional litho presses. Timsons became a manufacturing business producing only digital presses while Timsons Engineering became the component manufacturing side of the business. At the time, the restructure led to the loss of around 40 jobs.
Timsons Engineering is not part of the current liquidation, nor has it been affected by it, it has been confirmed by insolvency practitioner Business Recovery and Insolvency (BRI).
BRI said that Timsons is still trading at the moment but is to go into liquidation on 4 February.
In a statement, a company spokesman said: “After a significant drop in the sales of printing presses Timsons Ltd announced a restructure of the business in 2014. It ceased production of conventional lithographic presses in order to concentrate on the manufacture of digital printing equipment.
“Unfortunately in the period since restructuring Timsons Ltd has been unable to attract further orders for digital equipment and as a result trading losses have continued. These losses have meant Timsons Ltd can no longer continue to trade and the directors have taken steps to place the company into a creditors’ voluntary liquidation."
Turnover for last year was £6.95 million according to the firm's financial statements, a drop from £12.8 million in 2013.
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