Yesterday Printweek revealed that employees at the Kelso company had not been paid for at least a month, and were in a state of limbo after being locked out of the factory last week.
Earlier today (22 November) staff were called to the factory and informed that insolvency practitioners from FRP Advisory had been appointed and a court filing would be made later this afternoon.
Signmaster had around 10 staff.
A source told Printweek: “This is such of relief. The business is in administration as of today and this means staff can at least claim back the wages they are owed and their redundancy.”
The source said that PFI Group CEO Darren McMurray was forced to act after the Printweek article highlighted the employees' plight.
FRP Advisory is also handling a raft of other administrations involving PFI Group companies.
From a peak of some 20 businesses and sub-brands, the group is now down to just a handful, including Kesslers, Novum Speedscreen and Works Manchester – although it has not made the payment plan agreed with Grafenia (now renamed Software Circle) for the latter.
Note: Whitchurch-based Signmaster Systems is completely unconnected to Signmaster E.D. based in Kelso.