Blackburns of Bolton administrators sell assets as no buyers come forward

Stationery printer Blackburns of Bolton's assets have been sold in a bid to recoup creditors' dividends as sale prospects disappear following its fall into administration.

Jason Elliott and Craig Johns of Cowgill Holloway were appointed as administrators to the company on 23 November. It is understood that high operating costs were a significant factor in the printer's demise.

The joint administrators kept the company trading for five days following their appointment while marketing the business to potential buyers.

However no offers were made in respect to buying the company as a going concern and the administrators were forced to make all 31 Blackburns staff redundant on 29 November.

All physical assets were sold to an unrelated third party, according to the administrators.

In a statement the administrators said: "We anticipate that there will be sufficient funds to enable a distribution to unsecured creditors. However, dividend prospects are reliant on ongoing asset realisation and, as such, we are unable to provide any estimate as to the quantum at present."

They are currently compiling a creditors report for the £2.4m turnover company but no date has yet been announced for a creditors meeting.

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