Creditors of Elements and its subsidiary Regent have been left to absorb the companies bad debt to the tune of over 3.6m.
ICSM partner Steve Mepham said: Yet again the industry is being forced to write off a substantial sum of money. Our accounts show this company has been experiencing payment problems for quite some time.
Effectively the two companies preferential and non-preferential creditors will write off 3.6m. Elements, under UK boss Tony Manser, ran up an estimated shortfall of 3.3m while the Regent Groups assets fall 279,744 short of its debt.
Among the 159 companies still owed money are Indigo, CL Enterprises and Kodak Polychrome Graphics. Former Elements employees are also owed a total of 67,176.
Elements West End and large-format divisions were bought by Colourflow, while Elements Leeds was bought by former owner Howard Dean. Elements Glasgow continues to trade as a separate company (PrintWeek, 5 January).
Elements City, Regents, and Edinburgh have all ceased to trade.
Story by John Davies
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"Gosh! That’s a huge debt - especially HMRC! It’s a shock that HMRC allowed such an amount to be accumulated."
"Whatever happened to the good old fashioned cash job! At least the banks didn't take 2-3% of each sale. After 30 odd transactions that £100 quid you had has gone."
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