Prolitho owed £1.2m when it ceased trading

Prolitho, which ceased trading earlier this month, left more than £1.2m when it closed it doors including a trade debt of £448,252.

The Croydon-based litho printer, which made its staff redundant was reborn as a print management business, Prolitho London.

The company's debt to unsecured creditors totalled £795,308 of which nearly £450,000 was a trade debt.

Elliot Baxter emerged the worst from the fallout being owed £217,354, while Magnum Graphics Services was owed £33,773 and Speed Print Finishers £13,150.

In addition, the company owed £155,000 to Barclays Sales Finance and £233,000 to HSBC Equipment Finance.

Speaking earlier this month, Paul Clark, managing director of Prolitho, said he had "no choice" but to make the decision after the company fell prey to "bad debts, rising paper prices and economic pressures".

"It is not something I wanted to do but by moving into print management I hopefully will not be put in this situation again.

According to Clark, the company's equipment, which includes a Heidelberg R1-55 folder, Polar Guillotine and a Cesab Blitz fork lift truck will be sold following the liquidation to raise money to pay off its debts.

"I have loyal blue chip clients that know what has happened is no fault of our own so we will do our best to pay off the debts and make a new start as Prolitho London," he added.

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