Total of 19 jobs axed at north Essex firm which ‘could not be saved’
- Credit: Archant
Thirteen staff at a specialist printing consumables firm in Colchester have lost their jobs after a buyer for the business could not be found.
Administrators were appointed at Colchester-based Pressroom Plus Ltd, based at Wyncolls Road, Severalls Industrial Park, on February 15.
As well as the 13 employees at Colchester, a further six jobs have gone at its operations in Nottingham. Trading has now ceased, but two staff are being retained temporarily in the accounts team as the company is wound down.
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Initially, joint administrators Dean Nelson and Nick Lee of Smith Cooper were hopeful that a suitable buyer could be found for the company, which enjoyed a turnover of about £5.3m.
Their aim was secure someone who would be willing to take the business on as a going concern through an accelerated merger and acquisition process.
Back in February, they reported several expressions of interest, and said negotiations were continuing.
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“We will strive to secure the best outcome for all involved, and will ensure employees and stakeholders are updated in a timely manner,” they said.
However, although they kept the business going while a purchaser was sought, unfortunately, a buyer could not be found, they said.
They added that they weren’t prepared to divulge the reasons behind the company’s collapse at this stage.
As a result, all the business’s stock and assets has now been sold to international holding group, Huber Group, comprising 40 companies spread around the world.
Huber has more than 130 branch offices, sales offices, distributing warehouses and representatives, and produces high quality printing ink products which are often bespoke.
The sale was completed on March 5 for an undisclosed amount.
Mr Nelson, head of business recovery and insolvency at Smith Cooper, said: “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.”