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Business

Pressroom closes its doors

A buyer has not been found for Colchester-based printing consumables firm Pressroom Plus after it entered administration on February 15th, 2019.

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The print firm entered into administration in February 2019

Dean Nelson and Nick Lee of Smith Cooper were appointed joint administrators and have recently secured the sale of its assets. Despite several expressions of interest in the initial stages, a buyer could not be found for the company, which achieved an annual turnover of £5.3m.

As a result of the trading having now ceased, 13 jobs have been lost at the Essex site and a further six jobs have been lost at its operations in Nottingham.

The firm is keeping on two members of staff at its Essex site temporarily to help to wind down the business’ accounts.

Unfortunately, a purchaser for the business could not be found, but we did have several expressions of interest for the stock and assets

The business’ entire stock and assets has been sold to international holding group Huber Group which comprises 40 companies. With over 130 branch offices, sales offices, distributing warehouses and representatives worldwide, the group delivers printing ink solutions to clients around the world.

Commenting, Dean Nelson, head of business recovery and insolvency at Smith Cooper says: “I am very pleased with the outcome of this case. Unfortunately, a purchaser for the business could not be found, but we did have several expressions of interest for the stock and assets, and at the conclusion of the process, Huber Group were identified as the preferred bidder. After conducting rigorous negotiations, the sale was concluded.”

If you have any news, please email carys@linkpublishing.co.uk or join in with the conversation on Twitter.


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