Company Administration for North London & North England Printers
This week, insolvencynews.com revealed that the north London based printers, Portobello Press, have entered into Administration after the sale of the Company fell through, making all 23 staff redundant in the process.
It is sad news for the north London region as the Company has some 30 years of trading in the London area, but couldn’t sustain the deterioration in trading that it, and many other printers, have experienced in recent times.
This Administration followed suit to yet another printer that announced that they had entered Administration this week, as in the north of England, printing and marketing firm Global MP Limited, were forced to cease to trade, enter Administration and make all 150 of their staff redundant due to cash flow issues and a failure to find a buyer in time.
The sheer number of insolvencies and press reports of winding up petitions and debt issues within the printing industry are enough to tell us that the print trade is a tough nut to crack and whilst most may attribute the problems within this industry being solely to be the low cost and high volume competitors, many are not of the same view. There is further belief that if sufficient funding was available, our failing print businesses could invest in more efficient equipment and diversify into new products & services which could not only enable them to compete with their low cost competitors, but they could also compete with the ever increasing quality of home print based products which decrease their market share.
Isn’t it time to introduce better funding to those businesses with an established trading history, even if they have limited assets to offer security?