Visual Print’s MD moves To Solopress
Graham Hunstone, managing director of recently acquired print provider, Visual Print & Design, has been hired as head of partnerships by fellow UK printer, Solopress
Leonard Curtis Business Solutions is working to support former employees and creditors
A 40-year-old print business based in Southampton has appointed insolvency experts from Leonard Curtis Business Solutions to assist in liquidating the company.
The business, Snows Business Forms, was founded in 1983 and has been one of Southampton’s longest-standing print companies. The website now notifies customers that fellow Southampton business Inprint Group is taking over business and online orders.
Professional service provider Leonard Curtis has been working to support former employees and creditors after the print business entered administration. David Smithson and Michael Fortune, two directors of Leonard Curtis’ South Coast office, were appointed as Joint Administrators of the 40-year-old business.
The administrators looked into the possibility of a sale of the business but due to the lack of working capital following a cease in trading Smithson and Fortune decided against it.
“We have, however, completed a sale of the majority of the unencumbered equipment to one interested party and a separate sale of the stock, database and goodwill to a different party with assistance from asset disposal specialists Hilco,” says Smithson.
Snows Business Forms was used largely for the printing and production of business stationery but with increased national competition and an increase in online alternatives the company suffered several cashflow pressures and was overall making a loss.
Fortune comments: “Our expertise and knowledge of dealing with printing businesses allowed us to advise the directors quickly on their options, and whilst it was not possible to achieve a sale of the business as a going concern, we managed to implement a strategy to maximise the value in the goodwill and assets for the benefit of creditors.”
After returning the company’s leased premises to the landlord, the administrators are now working with former employees, with Fortune adding: “We will also be assisting the former employees with their various claims to the redundancy payments office.”
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