Phoenix company Thames Print shuts down

Thames Print has shut its doors just seven days after it bought DMA Print from administrators in a phoenix deal.

The Andover, Hampshire-based company decided to stop trading on Tuesday, with its staff made redundant. PrintWeek understands there were three customer service employees left dealing with enquiries.

Sole director Murray Booker told PrintWeek: “We had planned to start up again but have now decided not to.”

He declined to comment further.

It is not clear if Booker will attempt to sell the remaining assets.

Joint administrator to DMA Print, Andy Pear of BM Advisory who, with colleague Michael Solomons, organised its sale to Thames Print, said the closure was “a real shame”, adding “but if the suppliers refuse to continue to supply then there would seem to be little that can be done." 

He added: “I’m particularly sad given that this business formerly employed circa 70 people.

“DMA Print will remain in administration and we will continue to seek full payment under the terms of the administrators’ contract with Thames Print."

Thames Print, parent company of DMA Print, bought the customer list, chattel assets, stock and "any equity in leasing agreements" of DMA Print from the administrators on 3 November, a week after Pear and Solomons were appointed.

DMA Print had itself aqcuired Advent Colour and its parent company Advent Digital Imaging out of administration on 31 April 2014.

Thames Print was incorporated and acquired the then £8m-turnover, 80-staff DMA Print six months later.

A statement released by the board of DMA Print said the business had been loss-making from the start and despite a cash injection and turnaround efforts had to be placed into administration.

Booker, who was director of both DMA Print and Thames Print, had planned to start trading last week.

One customer, St Andrews Print in Wells, Somerset, which had been a client of the printer since the Advent Colour days, had a nail-biting week while owner Tim Wood waited to see if the job the company placed before DMA Print went into administration would be completed.

“We had a job there that was printed but not finished. We managed to get that out of there into a finishers close to us and it’s just been delivered,” he said yesterday.

Wood said he was hugely relieved to get his job to his client’s AGM after the finisher worked all night.

“It wouldn’t have been absolutely disastrous but the customer wouldn’t have been too happy. It’s a great shame about Thames Print because we had a great relationship with them.” Wood continued to place work with DMA Print, which subsequently rebranded as Thames Print, after the first administration because of good experience and relationships with the “excellent” staff.

“I feel ever so sorry for all the staff,” he said. “We found the core staff to be absolutely fantastic for the last few years. They were working hard to put the work out this week. We were immensely grateful to them. It’s only recently we have had problems.”

The statement released last week by DMA Print suggested there had been financial irregularities dating back to 2014, which were now under investigation, leading to loss of confidence by the charge-holders of company.

Former DMA Print and Advent Digital Imaging director Dan De Marco said he was not aware of any financial irregularities and that any such allegations could be no more than "a vicious rumour".

Pear added: “Our enquiry into the history of DMA Print will continue irrespective of the outcome of the sale. We will fully investigate the allegations of financial irregularity.”