SPD Design & Print transfers assets and staff prior to liquidation
Wednesday, May 23, 2018
Wide-format specialist SPD Design & Print is set to enter liquidation following the transfer of its assets and employees to a new company, SPD Print & Design.
The similarly named new company trades from the original Glasgow premises of the liquidating business. Director Scott Winter is being advised by insolvency practitioner Ian Wright of WRI Associates on next steps.
Winter’s business was understood to be saddled with an estimated £1.3m of unsecured debt at the time of liquidation, which began with the provisional appointment of Wright as interim liquidator on 1 May.
“The company incurred significant losses during 2016 and 2017,” said Wright. “During the course of 2017, a refinancing exercise was carried out, but the director found that the company could not carry the burden of debt.
“As a result, he [Winter] took advice and explored a variety of options to protect the business and the jobs of its employees, while maximising the return to creditors.”
SPD Design & Print filed a petition to wind up its business on 30 April and Wright said he expected it to be “granted in the next few days” by the Sheriff of Glasgow and Strathkelvin at Glasgow. Following the petition’s approval, a meeting of the company’s creditors will be called and a liquidator will be appointed.
However, Wright said that the business and assets of SPD Design & Print were sold to SPD Print & Design at the end of April, a few days prior to his appointment, which involved the transfer of equipment and employees to the new business. The nature and value of the assets transferred to the new company were not disclosed, although the new company's website lists wide-format kit from HP, Durst, Mimaki, Kongsberg, Kippax and Epson. The number of employees who transferred is also unknown.
Incorporated on 4 April, SPD Print & Design lists Martin Canning and Stephen McCann as directors. Winter is not listed as a director.
A floating charge was registered by SPD Print & Design on 1 May with Theriskco.
McCann is a registered director of Theriskco, which is registered at the address of the Renfrew offices of accountancy firm Campbell Dallas.
SPD Print & Design is also registered to this address, though it trades out of SPD Design & Print’s original 2,100sqm facility on the Clydesmill Industrial Estate, where the building’s facade has been updated to carry the new company’s name. The url and phone numbers of the old business now redirect to the new company.
Winter, Canning and McCann had not responded to requests for comment at the time of writing.