News
Start-up company in liquidation 'a victim of its own success'
Start-up printer Four Four Two has gone into voluntary liquidation after being hit for more than £50,000 from a bad debt earlier this year.
Insolvency practitioner Ideal Corporate Solutions was appointed last Tuesday (26 August).
Gillingham, Dorset-based Four Four Two's 12 staff were informed of their redundancy the Friday prior to the liquidation.
According to Ideal Corporate Solutions' Kevin Lucas, a meeting of creditors is initially scheduled for next Thursday (1 September) in Southampton.
However, he added that the meeting may have to be moved as there were issues getting hold of the company's records from the accountants.
He said: "We have no plans to sell the assets of the company, because at this point there doesn't appear to be any value to be sold. We will be looking to realise whatever value there is at the company."
According to director Gareth Jones, the new start-up, which is just over a year old, was on target to record a turnover of just over £1m in its first year.
He said: "We were victims of our own success, we got too big too quickly. We took a big hit in June, then when we faced a quiet August we didn't have the cashflow to support it. I personally am gutted."
Jones added that he did not plan to start the company up again.
Christchurch, Dorset-based printer 4 Four 2, from whom Jones bought the assets that became Four Four Two, is unaffected.
Jones: 'gutted' that Four Four Two has gone into voluntary liquidation
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Comments
Bernard Reilly - 01 September 2008
Good people ... sorry to hear. Can I wish you the best for the Future.
Robin Nicholas - 01 September 2008
In any business, you must have one basic rule.
NEVER TRUST ANYBODY.
You will never be disappointed and you will be pleasantly surprised now and again.
OK, so you wont make many friends but where are your so called friends now that you need them.
Stephen Barnes - 01 September 2008
Big shame this one. Great service and a great team from the top to the bottom. Good luck for the future to all concerned
Jack Sheperd - 01 September 2008
This is the same Gareth Jones who was behind the Carter Litho / Myles Bunyard Deals etc etc
Pete Robson - 01 September 2008
This is very sad. The Repro team where great and have now been left out of work. So if you need any Repro staff email: pete.robson1@googlemail.com.
Eddie Irelana - 01 September 2008
Will miss FFT. A good team led by Gareth that worked hard and deserved more than the rewards the trade is currently dishing out. Wish you guys all the best for the future.
Richard Young - 02 September 2008
the truth hurts
Cletus Van Damme - 02 September 2008
If the company has gone straight into liquidation presumably there is no chance of it being sold, and there can't be anything to sell on. I don't see why anything dodgy could be assumed here apart from the directors unfortunate history.
Why are you sure of the other party's involvement Mr Young? Is it simply because Jones worked with him and in the past and mud sticks or can you actually prove that he is/was involved?
andy hay - 02 September 2008
Who was the bearer of the 50k bad debt lets see if that has any connection,and also see if any kit had been re financed in recent weeks and who owns title
andy hay - 02 September 2008
GOOD NAME MYLES BUT IT DOESNT FOOL ANYBODY
Cletus Van Damme - 02 September 2008
Andy - please don't assume that anyone who even questions the possibility that every printer in England is run by MB is in fact MB himself.
All I did was ask what proof there was that he was there. As i said before, all there is to connect him is his past connection with the director. To me that isn't proof.
And your man Richard Young, or is his real name Andy Hay?, hasn't responded with any kind of proof has he?
andy hay - 03 September 2008
Who are you Cletus?
Cletus Van Damme - 03 September 2008
An interested observer.
andy hay - 03 September 2008
not your real name, at least some of us have the balls to use our real name! not the second name of an American Cop.
Greg Nicholls - 03 September 2008
I do not know this company, but 1 million turnover with 12 staff make little sense to me due to profit margins.
What finance company/bank reviewed the business plan?!
I think the system of approving a companies viability needs a serious overhaul, and perhaps a minimum criteria to protect employees and suppliers.
Too much of the decision to lend is based on weak understanding and data to begin with. Yes, problems do occur, but there should be better provention methods to help minimise the risk.
andy hay - 03 September 2008
and a 5ok bad debt on 9 months turnover of 750k is a very risky exposure!
Mick Courtney - 03 September 2008
BIG difference between MB, & GJ, is 1 admits he cocked up, and have his picture published in printweek, the other is just a conman who gets great enjoyment of ruining peoples lives.So if anybody out there got a picture of MB forward it to printweek so they can publish it, with a government health warning, or wanted notice.
Richard Young - 03 September 2008
I'm sure MB would sell one to prinweek
andy hay - 04 September 2008
I don't think MB enjoys ruining peoples live he is just very good at it (approx 500 to date)
He is just a Walter Mitty person who believes everything he does is right, a spoilt school boy is a good description.
Whilst his intentions are to do good he has to be stopped and i think prison might be the best way forward
Please Myles STOP NOW and don't ruin another 500 lives.
Steve Cooper - 05 September 2008
What Mr Nicholls doesn't seem to understand is that banks lend money to start up companies not just on projected turnover, but profit. A company can have a turnover of 1 miilion and still afford to pay 12 staff if it's profit margin is large enough. Obviously Mr Nicholls works to such a small margin that he's blind to this!
Julian Marsh - 05 September 2008
Well said Steve.
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