News
London Development Agency investigates Capital administration
The London Development Agency (LDA) has said that it is investigating the current activity at failed East London printer Capital.
Capital was moved out of its Stratford site last summer by the LDA to make way for London's 2012 Olympic Park. The company was heavily compensated for the move with cash and a brand new state-of-the-art site at the Gemini Business Park on Beckton Waterfront – built by the LDA.
However, Capital went into administration on Thursday afternoon (26 June), with more than 100 staff not receiving wages for the month of June. Begbies Traynor was appointed as administrator and has had a presence on the site since Thursday.
A spokesman for the LDA said: "We are keeping track of the companies that we relocated and we have a team looking into how much involvement we can offer in terms of the administration.
"We have completed full and final settlement with Capital and they have received the compensation in full. We have nothing else to pay them. However, it is unclear as to why the business has closed. The LDA is making enquiries to establish the reason."
He also moved to quell speculation which has arisen around the industry that companies moved by the LDA have to remain in business on the chosen site in order to keep the compensation payment.
He explained: "This is a misconception. The compensation is given as a result of costs connected with the company moving to a new location. It is given under the statutory Compensation Code.
"It is completely up to them what they do with the compensation."
According to the spokesman, just over 50% of companies moved have completed full and final settlement and Capital is one of these.
Compensation is worked out in two batches, one for "disturbance costs" and one for "loss of profits". Although disturbance costs are generally easy to work out, some companies have chosen to wait until working out their loss of profits. Capital did not choose to wait.
The Spokesman added that he could not comment how much Capital had received in relation to the move, however earlier reports claim that it paid £12m for the new factory, as well as handing over £4.4m to Capital for "other costs associated with the move".
Capital's managing director, David Gill, has been uncontactable.
Capital went into administration on 26 June
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Comments
Mandy Webb - 01 July 2008
Dear Capital chums,
I have excellent news. It's been confirmed this morning by Begbies Traynor that a letter is going out today confirming we WILL get paid!!
Don't know how soon, although I'm sure the letter will fully explain, but as salaries are overdue I 'd guess pretty quick.
The letter will also include the RP1 form for all other monies owing (expenses, holiday, overtime etc) which you'll need to complete and post ASAP.
Begbies are trying to sell Capital as a going concern which, they say, could take a week, a month or a year and they several parties interested.
I also have to inform you that the family are actively touting for business so please stay sharp.
As and when more information becomes available I will post it here ok.
All the best.
- 01 July 2008
When a company `bites the dust` it is in most cases the `work` force that suffers the most!
This BPIF member certainly needs investigation due to many reasons!
Lets hope the skilled/experienced work force receive there full payments and join a company with a future!
Colin Thompson
Cavendish
www.cavendish-mr.org.uk
Darren Rapp - 01 July 2008
[advertising deleted]
Mandy Webb - 01 July 2008
Dear Capital chums,
I have more info which will hopefully be of help to everyone so please circulate this info to staff with no access to this site.
LDA Advisory Service Update.
A recent call from the LDA has provided the following contact details for those who are still seeking employment. This is a free service offered and funded by the LDA and covers ALL DISCIPLINES and languages.
Contact : Sylvia Ciacciarelli
Tel : 0845 055 1551
Website : www.soloman.co.uk
Check out the recruitment and outsplacement sections.
Darren Rapp - 01 July 2008
[advertising deleted]
Steve Wynsford-Brown - 02 July 2008
To Capital Sales Team
Arian GesmbH is one of Europes largest Silk Screen and Digital printers. Based in Austria we provide services to an International customer base including the UK.
We pass on to you our sympathy regarding your current situation to all Capital employees but would like to suggest that if anyone would like to discuss possible employment opportunities with Arian please contact me via telephone or email ......details below.
Steve Brown
Tel: 00436649253177
email: s.brown (at) arian.at
Anna Gale - 02 July 2008
[advertising deleted]
Sylvie Ciacciarelli - 02 July 2008
[edited]
Andy Collier - 02 July 2008
Mandy
It would seem that we have been knocked again. The information that you posted yesterday is now being contradicted by the person I spoke to @ Begbies today.
No money at all for 6-8 wks and then we are set to receive only part payments
The system stinks
David Gill,s Ear Hair - 02 July 2008
Hi Mandy.
can you post on http://capitalprint.proboards83.com
start a new thread called mandy webb.. too many eyes on here
DAVID SHAW - 03 July 2008
[advertising deleted]
Damon Elderfield - 03 July 2008
The Blue Printing Company would like very much to talk to the ex Sales staff of Capital Print to discuss further development of our expanding large format and display business.
Call Damon Elderfield on 07791 309495 for more details.
Jack Sheperd - 03 July 2008
What is this free recruitment weekly!
Print week should stop the mistreatment of this forum for ambalance chasers
Andy Collier - 04 July 2008
Oi Jack
These agencies are trying to find people work. Butt out.
Jack Sheperd - 04 July 2008
Andy if only that were true! these guys advertising are trying to line their own pockets at your expense
Steve Jackson - 04 July 2008
I was personally told by Rav on the 25th June that the reason for the "financial" situation was solely because Capital was still owed a significant ammount of money from LDA.
andy hay - 05 July 2008
surely the compensation for loss of profit is a company asset and should be returned by the recipients straight away to the administrators
ex Employee - 05 July 2008
All the other comments in this forum is constructive and this Andy Hay seems to be a right fly in the ointment.
andy hay - 06 July 2008
Why a fly in the ointment had a 45 minute conversation on friday to confirm the facts about the compensation payment.So I think this is very constructive because just think if Gill Gill and more Gill's have to pay back £1,000,000 + to adminstator who may benifit THE CREDITORS and who are the FIRST in the Que Yes unpaid wages.So Mr. ex.Employee be positive give me a call and lets hope the money will be returned as quickly as possible.
A special thanks to the staff memberwho spoke to me on wednesday she gave me enough facts and leads to speak to the correct person to present you' the staff force' with these facts.
ex Employee - 06 July 2008
Guys, just ignore this Andy Hay, he isnt wired up properly, David Gills Ear Hair - give me call later, cheers
andy hay - 06 July 2008
Just had Myles Bunyard on phone asking me to back off and he admitted he was the ex employee and Andy Janes on this message site
graham foster - 06 July 2008
can't belive how bitter andy hay is, this site is for employee's to put there point accross, not for him to try and even with one person who has nothing to do with capital, get a life Green Grocer
andy hay - 06 July 2008
A green Grocer earning a living Mr. B don't come on the phone again asking me to back off 'cos until justice is done and you and your sort are in clink ,be lucky Bunyard.
And again to the 3 ex. employees who have helped with my investigations thank you and to Ms.
graham foster - 06 July 2008
[edited]
ex Employee - 07 July 2008
I understand Jack but they are helping, I know 3 of us who have jobs vis these guys already.
James Roberts - 07 July 2008
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Andy Collier - 07 July 2008
Test successful
jason jeffery - 07 July 2008
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