North-London printing firm Portobello Press Limited has entered administration.
The company, based in Willesden, ceased trading on 13 June after a sale of the business collapsed. Portobello Press had previously experienced a deterioration in trading conditions, resulting in “unsustainable pressure” on the company’s cash flow.
All 23 staff were made redundant upon the company entering insolvency.
Paul Atkinson and Glyn Mummery of FRP Advisory were appointed as joint administrators of the company on 16 June.
Atkinson said: “It is hugely regrettable that a strong North London business with a loyal customer base, over 30 years trading history and which employed at one point over 40 staff has had to close.
“Portobello staff have this year worked on reduced salary levels as the whole firm pulled together in order to try and find a long term solution to the business.
“Regrettably when a sales process of the business with a serious would-be buyer terminated, the directors of the company were faced with a very tough task of finding replacement work at short notice in what has been a shrinking print market for a number of years, which proved an insurmountable challenge.”
The administrators confirmed they will attempt a sale of the business’ assets.
Atkinson commented: “Regrettably once the sales process did not complete, the company was forced to make all staff redundant on Friday 13 June, cease trading and appoint administrators.
“We will continue to market the assets of the businesses to realise all that is possible in the interest of all creditors. We are now seeking buyers for the assets of the business and invite interested parties to make early contact with us and our valuers.”