In April Xaar said that a combination of the SARS virus and the modification and replacement of some XJ500 print heads had cost the firm 1.2m, and would push it into the red on static sales of 14m.
Both problems led to big upheavals in China and the Far East, which accounted for 40% of revenues.
In an effort to control costs, the firm made 5% of its workforce redundant in the second quarter, to bring costs into line with current trading levels.
Operations director Ian Dinwoodie has replaced Fineman as chief executive. Group finance director Nigel Berry has been appointed deputy chief executive.
The company is making a transition from a technical organisation to a commercial one, said Dinwoodie. Going forward we will be more aggressive.
Fineman told PrintWeek his sudden departure was not linked to the firms financial position. He said he was taking a couple of months to go travelling and then would look at new business ideas. He wouldnt be drawn on what area they would be in, but said: Print is an interesting industry and it is a small world.
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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."
"It's amazing what can be found on the "web" nowadays!"
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