Wed, 17 Apr 2024 | BUSINESS SALE
A printing company based in Bristol has been saved after being acquired via a pre-pack deal. Avonmouth-based Folio Print Finishing Limited fell into administration earlier this month after running into financial difficulties.
The company had established itself as one of the UK’s largest print finishers over the past three decades, offering services including saddle stitching, a range of binding techniques, stitching, die making and wrapping to a nationwide customer base.
Despite its strong standing in the print industry, the company began to experience financial difficulties following the insolvencies of two of its largest customers. These bad debts, combined with legacy HMRC and Rating authority liabilities, reportedly put the firm in an “untenable position”.
Begbies Traynor were engaged in February to assess the business’ options. Begbies’ Paul Wood and Neil Vinnicombe were subsequently appointed as joint administrators and secured a sale of the business to ATB Folio Print & Packaging Solutions Ltd on April 5, in a deal that saved all 40 jobs at the firm.
Paul Wood, joint administrator and partner at Begbies Traynor in Bristol, commented: "With two major customers falling into insolvency, the company was put under significant financial pressure, and it was immediately evident that a pre-packaged sale was the most desirable outcome.”
"This sale not only preserves the jobs of all 40 employees but should also enable a distribution to be made to some of the company’s creditors"
In the company’s last available accounts at Companies House, for the year ending March 31 2023, its fixed assets were valued at £111,049 and current assets at just under £671,000. At the time, however, it owed creditors more than £960,000, with its net liabilities totalling close to £248,700.
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