PrintRepublic is set to go into liquidation.
It took the decision to appoint an insolvency practitioner after failing to secure second-round funding.
Chief financial officer Peter Petyt said: "We have spoken with a qualified insolvency practitioner with a view to putting PrintRepublic into liquidation. We have worked tirelessly over the last few months to secure second-round funding but it seems the market is against us and we now have no other course of action."
PrintRepublic was launched last October offering consumables, secondhand machinery and websites for printers. Its aim for its own brand RedLabel consumables was to cut typical costs by 20% through supply chain efficiencies targeted at small- to mid-sized printers.
It evolved from Surpex, an online used printing machinery exchange devised by Petyt and ex-Global Graphics UK managing director Andrew Brian.
Have your say in the Printweek Poll
Related stories
Latest comments
"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."
"It's amazing what can be found on the "web" nowadays!"
Up next...
Replacement 'will be operational later this year'
Walstead makes decision on Bicester 64pp
'Ridiculous decision'
Unite “prepared to fight” on proposed DS Smith site closure
Also helps mitigate volatile energy prices
