Vision On Design has undergone a pre-pack sale following a drop in sales and legal action by one of its creditors.
The signage manufacturer, which traded from a base in Ossett, West Yorkshire, went into administration on 9 October when Andrew Poxon and Julien Irving of Leonard Curtis Business Rescue & Recovery were appointed as joint administrators.
According to Leonard Curtis, the business entered administration because of “a drastic reduction in turnover attributed to the turbulent high-street environment”. The event had led to the company suffering a build-up of trade liabilities.
Legal action was filed by an unknown creditor, at which point Vision On’s director took “appropriate steps to preserve the business”.
Its work includes large-format printing, POS, tension fabric graphics and installations.
A pre-pack sale of the company to “a connected party” was arranged by Leonard Curtis and confirmed on 26 October. All 52 employees reportedly transferred to “the new purchasing entity” in the sale.
Leonard Curtis declined to comment on the identity of the connected party and, at the time of writing, no further information was available on Companies House.
However, Vision On Design director Paul Dunnill is also registered as a director of two active companies – Vision On Display Ltd, which was formed in 2015 but changed its name from Bespoke Wallpaper Design Company on 7 September, and P&G Holdings Ltd, the holding company for Vision On Design, which both operate out of an address in Ossett.
While the nature and value of the firm’s assets were not clear, accounts made up to 31 January 2017 showed Vision On Design with a turnover of £9.8m, down from £11.2m in the year previous.
Dunnill had not responded to requests for comment at the time of writing.