The Colchester-based print management company had been trading for 24 years and worked for a range of clients in catalogue and mail order, travel and leisure, and high street retail.
The firm was scuttled by a large bad debt when The Book People went into administration at the end of last year, which also meant the firm lost its single-biggest customer.
Callimedia was owed £458,560 by The Book People according to the book seller’s statement of affairs.
Paul Pittman and Paul Higley from Price Bailey were appointed as joint administrators on 3 February, with the business and assets of Callimedia sold as a going concern in a pre-pack deal shortly afterwards to the firm’s former owner Douglas Suttle.
Suttle sold his shares in Callimedia to Graham Reed in 2017 and stepped back from the business.
He told Printweek: “It’s been a difficult two weeks as you can imagine. I knew that Callimedia had a fantastic team and was a good solid business.
“I’ve put a lot of funds into it so it’s effectively a new start-up,” Suttle added.
“I feel very sorry for the suppliers but they’ve been very supportive – many of them had more than 20 years of successful trading with me personally. Customers have been supportive as well. I’m trying to keep it lean and get it back on its feet.”
He said he was working with the administrators to maximise the funds available for distribution.
In a statement, Pittman said: “The business was sadly unable to recover from the large bad debt, suffered without warning in December 2019.
“A going concern sale was by far the best possible outcome in the circumstances. This has secured the jobs for all the employees, ensured continuation of supply for the clients and will result in the highest debtor recovery hence maximising potential return to unsecured creditors.
“After an accelerated marketing process, we were delighted to complete a pre-pack deal to an experienced industry operator who is supporting the purchase and the ongoing cash requirement with significant funds thus safeguarding the long-term future of Callimedia.”
Suttle is the sole director and shareholder at Frodsham Media, which was renamed Callimedia earlier this week. The firm has three full-time employees.
