Bristol-based printer Kingsdown Printers has closed its doors, with the loss of 60 jobs.
Andrew Sheridan and Gareth Morris from FRP Advisory were appointed today (6 April) as joint administrators of Colour Visual Ltd, which traded as Kingsdown Printers.
The administrators, who were appointed by Kingsdown's directors, said the company had faced a number of financial and operational challenges in recent months, causing cashflow issues that forced it to enter administration.
The firm, which specialised in the design, production and supply of litho and digitally printed materials, employed 60 people at its 1,850sqm premises. All of the staff have been made redundant with immediate effect and no further work will be done at the site. The company's turnover at the time of closure was £6m.
Around 18 months ago the company acquired print and design firm Burleigh Portishead, and bought an SRA1 RMGT 928P LED-UV perfector press.
Sheridan said: “Kingsdown Printers is a well-known and long-established printing brand in Bristol, and has operated in the city for more than 30 years.
“Unfortunately, investing in a state-of-the-art drying press 18 months ago didn’t result in the capacity boost the company expected and, combined with pressure on profit margins in the large print management side of the business, led to a cash shortage that meant there was no alternative but administration.
“Our immediate focus is to support the employees, many of whom have worked for the company for a number of years, during this challenging time. We will also be seeking a buyer for parts of the business and its assets.”
The company owned the freehold premises, which will now be marketed for sale, while its other assets included plant, office furniture and machinery.
The administrators told PrintWeek that equipment that will be marketed for sale, subject to finance, includes two litho presses – understood to be a 10-colour B2 Heidelberg Speedmaster and the RMGT press, two digital printers, a finishing line and folding machines. FRP Advisory is currently handling the sale of the assets.
Information regarding creditors was unavailable at the time of writing.
Kingsdown’s clients included print management firms, blue-chip companies and a range of other medium-sized to large businesses.