Jade Press assets for sale as administrator is appointed
By Pamela Mardle Monday, 17 December 2012
The assets of Leeds-based Jade Press are being sold off following its fall into administration after 16 years of trading.
Dave Clark of Clark Business Recovery was appointed administrator to the company on 27 November. Chartered surveyors Fox Lloyd Jones have since circulated an inventory list to potential buyers that is understood to be nearly entirely sold off.
Nearby company AB Print Group spent in the region of £17,000 on Jade Press’ Autobond Mini T-Series laminator, Schneider Senator guillotine and Italdipeck shrink wrapping machine.
AB Print Group director Richard Walmsley said that only one press, which was being decommissioned, remained when they visited the Leeds facility last Thursday. He confirmed that the group is considering further investments from Jade Press’ inventory, which includes Epson Stylus Pro 7800 and 9800 wide format printers.
It is understood that Jade Press’ landlord aims to have all the assets out of the premises by the end of this week.
In December 2011, 22% of Jade Press’ workforce was made redundant following disappointing sales during the year, according to managing director Darren Shepherd’s statement in the company’s 2011 accounts.
A "major review" of the business accompanied the staff cull to save over £400,000 in 2012 and the new sales structure led to dormant and new accounts being opened, Shepherd added.
He concluded: "Turnover has been set at a realistic amount for 2012, but half-year management and budget confirm that Jade Press will return to a satisfactory net profit to reverse the disappointment of 2011."
The company’s net book value had decreased by nearly £76,000 since 2010 to fall just below £1m by 31 December 2011, while its net current liabilities increased £111,355 to £376,613. Shareholder funds more than halved from £135,600 at the end of 2010 to £52,153 on 31 December 2011.
According to the accounts, Jade Press owed its creditors almost £1.5m, of which some £878,330 was secured.
Attempts to contact Jade Press by phone have been unsuccessful as the phone line appears to have been cut, while the portfolio and personnel pages of the company's website are 'under construction'.
The administrator declined comment on the case.Tweet
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