Contract loss forces Grgprint.com to close
Commercial printer Grgprint.com has closed its doors following the loss of a major European telecoms contract to Poland.
The Leeds-based company incurred a "massive bad debt", but had recovered to make a small profit for the year.
Managing director of the £2m-turnover company, John Grogan, said: "We had a strong asset balance sheet which we hoped to use to raise more working capital.
"However, the value of the factory was halved and the plant worthless insofar as raising finance was concerned."
The potential sale of 25-staffed company had been looked at after it closed its doors on 13 March, but it fell through because of the economic climate.
Grogan added he is not interested in making a pre-pack or phoenix of the company, and that he is currently working to pay off debts left by the business.
"I have absolutely no intention of establishing another printing company," he added.
The company works in B2, B1 and SRA0 formats, as well as A4 to SRA3 digital.
In January, it increased its presence in the personalisation market with the installation of a large-format UV flatbed printer from Fujifilm , an Acuity HD 2504.
Source: www.printweek.com - News
Related news
31.07 Pindar slips to full-year loss after £4.6m exceptional charges »
30.07 APS wins contract with Family Investments »
30.06 Business leaders and councils told to join forces as coalition announces £1bn regional fund »
30.05 Presstek forces VIM reseller to cease plate imports and sales in patent spat »
30.03 Quebecor World posts £462m loss and extends creditor protection »
29.07 PaperCo's Southern Paper to close Camberley branch »
29.07 Doubling cost of oil forces Chesapeake to up prices »
29.01 Polyprint Mailing scoops major supply contract with magazine giant »
28.08 Polestar signs contract worth £100m »
28.05 IPC Media offers £10m contract out to tender »
28.02 Presstek and Press-sense Join Forces to Offer Web-to-Print Capabilities »
27.05 NHS Pensions announces high-volume mailing contract winners »
27.04 NatMags renews 10-title print contract with Polestar »
27.04 B&T staff redundant as contract dispute ends in closure »
27.02 Antalis reveals DC Thomson contract with five 'similar' deals lined up »
