Swindon-based printer Multisets has fallen into administration, less than a year after it acquired cheque printer Bank Security Printing.
According to local newspaper Swindon Advertiser, a number of the firm’s 40 staff have already been made redundant and the business will continue to operate at a reduced capacity for the foreseeable future as it searches for a buyer.
Tim Ball of insolvency practitioner Mazars was appointed as the joint administrator of the company last Thursday (13 August).
He said: “It is very sad to see another long-established printing business struggling to compete, and trade profitably, in the declining print market.
“A number of redundancies have already taken place, however the company continues to trade on a reduced basis and the administrators are actively seeking a buyer for the business and assets.”
Multisets was established in 1962 and has a turnover of around £5m, £1m of which comes from Bank Security Printing, which it acquired last October in a £500,000 deal.
Operating from a 3,250sqm premises, Multisets specialises in creating bespoke cheques for banks, solicitors, schools, auctioneers and housing associations, with a number of anti-fraud features incorporated. It also produces integrated labels for the retail industry.
The company operates Rotatek, Muller Martini, Morgan, Xerox and Canon presses as well as two Tamarack finishing lines, a Tamarack card mounting machine, a Bielomatik five-station collator and a Bama collator.
It is not known which, if any, of this machinery has been sold on yet.
The company declined to comment and administrators could not be reached at the time of writing.