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113 redundant at Pontypool printers 4 September 2014

A Welsh commercial printing firm based in Pontypool is set to enter administration, resulting in the loss of 113 jobs.

MWL Pint Group Limited has struggled with reducing profit margins within a “very competitive” market, despite posting revenues of over £10m last year.

All 113 staff at the company have since been made redundant.

Deloitte is expected to be appointed to handle the administration of the company.

A statement issued by MWL Pint Group said: “As profitability reduced, the group had difficulty in meeting its commitments in respect of leased plant and machinery.

“Trading deteriorated further in the past six months such that the Group no longer had sufficient funds to meet its liabilities as they fell due leading to the decision to cease trading.

“Over the past two years, the group and its advisors had made a number of attempts to sell the business in order to ensure that it remained as a going concern.

“However, these attempts failed to generate any meaningful interest. Furthermore, negotiations with the group’s lenders and lease creditors were not able to yield a restructuring of the group’s liabilities.”

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