Hatch Print trading situation unclear
Thursday, June 23, 2022
The UK’s first official vegan print business, Hatch Print, is in liquidation according to Companies House, although a new business is trading under the same name with website and contact details unchanged.
Hatch was founded by Gary Toomey in 2017 offering a web-to-print service.
The six-staff company produces high quality business cards, flyers, folded leaflets, roller banners, greetings cards, posters and brochures. All of its products are vegan, ethically sourced and FSC accredited.
The business was originally a subsidiary of commercial print firm Fontain, with both entities based at the same facility in Bermondsey, South London.
In May 2019, however, Fontain closed for business and Hatch moved to new premises initially in Bermondsey and then again to Orpington, Kent in April 2020 and most recently to an address in Benfleet, Essex which was registered on Companies House in April 2021.
Concurrently a new company, Financial Year Ltd, was incorporated in April 2021 and renamed as Hatch Printing Group Ltd in January this year, with Toomey having been appointed as a director on 15 January.
Toomey was registered as a person with significant control of the newco on 31 December 2021 but his position as director was terminated on 16 May this year, when new director Lucy Sadler was appointed.
Another new company called Hatch Print Group Ltd was incorporated on 2 February this year, according to Companies House, with Toomey its only listed director until 16 May, when he resigned from the position and Lucy Sadler was again appointed as a director.
On 26 May 2022, liquidators from Bailey Ahmad were appointed to the original Hatch, registered as Hatch Print Ltd, which had accrued debts of £165,000 including a £40,000 Bounce Back Loan from NatWest and an £84,000 tax bill. Trade and expense creditors were owed £13,000, with employees owed £4,800 in wages and a £24,427.59 redundancy bill.
Paul Bailey and Tommaso Waqar Ahmad of Bailey Ahmad were appointed as the liquidators. Matt Leeds, an insolvency practitioner at Bailey Ahmad, said the business had been hit very hard by the pandemic and all six staff were made redundant.
“Because of the pandemic, HMRC allowed deferred repayments but with that coming to an end and then repayments of Bounce Back Loans starting up again, there were just too many outgoings on top of a significant reduction in turnover and in the end they just couldn’t trade out of it,” Leeds stated.
He added he had no knowledge of the newcos, so couldn't comment.
In a Re-use of a Prohibited Name notice to creditors of Hatch Print Ltd filed on The Gazette at the end of May, Toomey has given notice that he intends to carry on “the whole or substantially the whole of the business of the insolvent company” under the following name: "Hatch Print" and/or "Hatch".
Toomey was unavailable at the time of writing.