Flo Print goes into liquidation
Wednesday, April 11, 2018
Kent printer Flo-Print Colour, which traded as Flo Print, has gone into liquidation with the loss of 15 jobs.
The Langton Green, Tunbridge Wells-based business ceased trading on 7 March and all of the company’s staff were made redundant.
Jonathan James Beard and John Walters of Begbies Traynor were appointed joint liquidators of the company on 22 March.
The liquidators told PrintWeek the company’s failure was a result of “challenging market conditions [that] negatively impacted revenues and cashflows”.
Lambert Smith Hampton has been dealing with the sale of the firm’s assets, which included some unspecified printing machinery, though some of its equipment was on finance. Most of the assets have now been sold.
The liquidators said the firm had unsecured claims of around £400,000 and that the likelihood of any money remaining for unsecured creditors is “uncertain at this stage”.
The business had a turnover of £1.14m for the year ended 30 April 2017, according to its most recently filed accounts, down from the £1.18m it recorded in the prior year. It made a pre-tax loss of £7,700 in the same period, after recording a pre-tax profit of £5,000 in 2016.
Established in 1990, Flo Print served clients including Audi, Cadbury, Green & Black’s, Pantone, Ritz and Suzuki.
The firm was part of parent company Newman Group, which saw two of its other businesses – design agency Mediaflo and publisher Owen Newman Publications – enter liquidation on the same day.
Nobody from the group was available for comment at the time of writing.