Derbyshire flag printing firm set to fall into administration
Mon, 18 Mar 2024 | ADMINISTRATION
A Derbyshire-headquartered flag printing and branding business is poised to enter administration. UK Printing Company has filed a notice of intention (NOI) to appoint administrators via Yorkshire firm MD Law.
The NOI will protect the business, which is based in Clowne, near Chesterfield, from creditor action for a period of around two weeks. The move comes at a time of significant distress in the UK printing industry, with several high-profile companies having fallen into administration over recent months.
Many companies in the sector have faced issues including falling demand, soaring energy, labour and raw materials costs and pressure from creditors.
While the circumstances surrounding UK Printing Company’s difficulties have not been disclosed, its most recent accounts at Companies House, covering the year ending September 30 2022, showed that the firm owed just under £672,000 to creditors – although this was down from nearly £727,000 a year earlier.
At the time, the company’s fixed assets were valued at £856,209 and current assets at £492,285, with net assets amounting to almost £363,000.
UK Printing Company was founded in 2013 and has seen significant growth since then, with the firm expanding to eight units, covering approximately 20,000 sq ft, in 2020, at which time it operated 14 large-format printers with a 28-strong staff. According to its accounts for the year to September 30 2022, the company’s average employee headcount during the year stood at 37.
The company produces a wide range of branding solutions for indoor and outdoor use and has worked with an array of companies, including Audi, Coca-Cola, Cancer Research UK and JCB. In addition to its core offering, the company also produces a diverse range of other products, including pet products, backpacks and seating.
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UK administrations are expected to continue rising this year
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