Colour Five is understood to be entering a creditors' voluntary liquidation, while the current trading status of the specialist print business is unclear.
According to a source close to the situation, the Perivale, west London-based firm sent a notice to clients and suppliers yesterday (11 June) stating its intention to appoint liquidators. It is understood that a liquidator will be appointed by 18 June.
On 16 May, Colour Five posted a notice of intent to appoint administrators. At that time, Marlow-based solicitor Gabbitas Robins was overseeing the case, while Gary Lee and Paul Stanley of Begbies Traynor’s Manchester office were named as nominated administrators.
PrintWeek’s source indicated that Colour Five’s misfortune was likely a result of “lack of work” due to the niche nature of its high-end UV printing. The company frequently worked on special edition magazine covers.
Colour Five’s sister company Go Stationery, which is co-located and manufactures notebooks and gift stationery, is understood to be unaffected by the Colour Five situation. Atkinson is also listed as a director of the online luxury stationery business.
The status of Colour Five’s staff and operations are currently unknown, however the main number goes unanswered. In its most recent accounts, dated 31 March 2018, Colour Five employed 36 people.
Atkinson had not responded to requests for comment at the time of writing. Begbies Traynor and Gabbitas Robins have both been approached for comment.