Administrators marketing printing company’s assets for sale
Tue, 08 Aug 2023 | ADMINISTRATION
The assets of Oldham-based Thomas Dornan (Printers) are set to be sold after the company fell into administration. The assets are set to be brought to market in an online auction closing August 18, after initial attempts to sell all the business and assets as a whole failed to find a buyer.
Thomas Dornan (Printers) was founded in 1848, reportedly making it the UK’s third-oldest printing firm. The company specialises in digital, litho and large format printing and had an average team of 15 employees during the year ending May 31 2022.
Despite the company’s longstanding operation, it was hit by the impact of COVID-19, as well as more recent challenges. As a result, the firm was forced to enter administration, with Christopher Lawton and Gary Lee of Begbies Traynor appointed as joint administrators on June 29 2023.
The administrators initially sought to sell the business and assets as a whole. However, they will now market the assets on a break-up basis, while continuing to field offers to acquire all assets, should there be any interest.
Joint administrator Christopher Lawton said: “This is an historic company which has its roots in the birth of the printing industry in this country. The business was hit hard by the impact of the pandemic and recent business challenges meant the director explored every option before entering the company into administration.”
“In the absence of any parties seeking to purchase the business and assets as a whole, we are now seeking parties who may be interested in acquiring the assets on a break-up basis. Any interest to acquire all assets will also continue to be considered.”
In Thomas Dornan’s accounts for the year to May 31 2022, its net assets were valued at £227,565, down from £291,122 in its accounts for the previous year.
Read about the factors that could help to drive increased dealmaking in the coming months.
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