Business and assets of printing firm acquired out of administration
Mon, 24 Jul 2023 | BUSINESS SALE
The business and assets of printing firm Crystal Press have been acquired out of administration by Reflections Print Finishers. Crystal Press fell into administration earlier this month after being heavily impacted by the COVID-19 pandemic and rising energy costs.
The company, which is based in Hoddesdon, specialised in high-end printing for book and magazine publishers. The firm’s assets included post-press kit, a B1 Komori H-UV press and its trademarked recyclable foiling technique Ecofoil.
According to Reflections managing director Luke Hastings, the company was heavily impacted by COVID-19, leading to significant levels of debt at the company. This, combined with an “unaffordable electricity contract renewal at the peak of the market last year”, lead to the firm’s directors deciding it could no longer continue as a going concern and normal trading ceased at the end of May.
A sale of the company’s business and assets to Reflections was agreed on July 10. Simon Campbell of Quantuma Advisory and Paul Appleton of Begbies Traynor were appointed as joint administrators on July 12, subsequently completing the sale.
Luke Hastings commented: “The immediate synergy between our companies was clear and we are very excited to increase our client offering with a whole raft of new services such as cold foil, Ecofoil, miniature folding and full sheet embossing."
“The acquisition will also mean that we are able to expand our book binding department further, with the addition of saddle stitching, lay flat binding and short-run digital binding equipment.”
“We will continue to operate the site at Hoddesdon as a standalone business, utilising the skill and technical know-how of the team to continue producing Ecofoil.”
Hastings added that Reflections would target sales of £2 million with Ecofoil and that the “Crystal” name was also included in the sale and would continue to be used, operating as a separate entity to Reflections.
Read about the impact of recent reforms around pre-pack administrations.
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