Wednesday, 24 Apr 2019 11:57 GMT

CMYKhub leaves the UK

After entering the UK market just five years ago, Australian trade printer CMYKhub has decided to close its operations to focus on its Australasian businesses.

In a statement, the company says the closure was not triggered by financial issues, adding: “It was triggered by our current lease agreement ending in May and followed a detailed assessment of future growth opportunities in the UK based on asset reinvestment requirements, limited revenue returns in a market with aggressive competitors and high cost inputs.”

It went on to add that all UK staff will receive full entitlements under their redundancy and all creditors will be paid in full.

The business is said to be focusing on its Australasian businesses, including recently established DFlow in Indonesia, which is seen as a growth opportunity. CMYKhub is also said to be considering entering the New Zealand market.

"The closure of our UK business is one of the steps in our strategic focus on other opportunities within the Australasian region," says chief executive officer Trent Nankervis.

The closure of our UK business is one of the steps in our strategic focus on other opportunities within the Australasian region

The firm took over the Midlands-based trade printer RCS and moved into its site at Retford.

CMYKhub has secured a “simple and robust solution” with fellow trade printer Where The Trade Buys (part of the Precision Printing Group) to fulfil any orders placed before the closure of the business on April 17th. It is said the firm had around 1,000 active customers.

Where The Trade Buys is also set to acquire the company’s Scodix sensory finishing device, whilst its KBA offset press and other finishing equipment will be sold separately.

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