This is the report that appeared in Printweek, yesterday, about the demise of London printer FS Moore, which I reproduce below...
FS Moore owed almost £2m when administrators appointed
By Adam Hooker Tuesday, 06 September 2011
East London printer FS Moore went into administration owing almost £2m to creditors, according to the administrator's report.
The Bank of Ireland was the largest creditor, owed £517,000, but a number of paper companies, print finishers and trade printers were also included.
One paper company was hit for £137,000, while another two were each owed just under £50,000. One finisher included in the creditors' list was hit for as much as £70,000, although most were owed £10,000 to £20,000.
The company also left £250,000 owed to HMRC, around £50,000 of which was for VAT. Redundancy claims accounted for £182,000. Insolvency practitioner BDO was appointed as administrator on 28 July, before selling the business and assets to DG3 Europe in a pre-pack deal the same day.
The report reveals that the business was bought for £140,000, comprising £135,000 for plant and machinery and £5,000 for stock. DG3 also agreed to pay 1% of annual turnover from FS Moore up to £1m and 2% over £1m annually for a period that has yet to be agreed.
According to the report, FS Moore saw turnover drop by around £800,000 in the two years leading up to its administration, from £4.2m in 2008 to £3.4m in 2010.
Initially the directors planned to sell the company in November 2010, however the deal fell through when HMRC refused to defer the repayment of its debt.
It's a real shame when companies which have a good reputation, such as Moores (who's work has appeared before on this blog) hit the buffers. However, it is indicative of the current state of the print and paper market.
You can read the article in full on the following link:
http://www.printweek.com/news/1089465/FS-Moore-owed-almost-2m-when-administrators-appointed/?DCMP=ILC-SEARCH
Posted by Justin Hobson 07.09.2011
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