Romford, Essex-based printer Graphic Station has gone into liquidation following a general downturn in business levels, including the loss of a major client.
The company ceased trading on 22 December. A complete shutdown came into effect immediately and the firm’s three remaining staff at the time of closure were made redundant.
Dominik Thiel Czerwinke and Lloyd Biscoe of Begbies Traynor were appointed as liquidators of the firm on 7 February.
The liquidators said the firm’s failure was due to “a loss of a large client, inability to reduce overheads to an affordable level to remain competitive and general decrease in business”.
According to the company’s statement of affairs, its assets totalled £17,619, with preferential creditors – the three staff – owed £12,392 in total.
Total assets available to unsecured creditors totalled £5,227. Unsecured non-preferential claims totalled £27,862, including £17,085 to trade creditors, £8,277 to the three staff, and £2,500 to HMRC.
Print industry creditors included Colt Press, which was owed £3,061; Antalis £2,964; Ovenden Papers £1,441; Premier Paper £936; and Printmax £562.
The liquidators said the bulk of the firm’s assets were repossessed by finance companies and what remained has been sold on. The nature of the assets at the time of closure was not disclosed.
There will not be any dividend prospects to unsecured creditors based on the information presently available, the liquidators added.
Graphic Station was established in 2007. Headed up by directors Paul Fox and Stuart Vaile, the business handled pre-press and outsourced production in its early days, then over time it added finishing and small-format digital printing.
At the start of 2013, increased demand for digital and wide-format led the business to install a Konica Minolta bizhub Pro c6000L cut-sheet colour press and a Mimaki JV33 130 wide-format roll-fed printer.
In 2014 the firm, which operated from a 250sqm site, became the first European company to buy the Mimaki JFX200-2513. At this time, the business had seven staff and a turnover of £325,000.