A Yorkshire-based printing group has entered liquidation, resulting in the loss of 126 jobs.
Glynn Print Holdings Limited and trading subsidiaries Glynn Print Finishers Limited and The Website (Leeds) Limited entered liquidation following a recent “sharp deterioration in trading conditions”.
A decision was taken by the group directors on 17 December 2013 to place the company into creditor’s voluntary liquidation (CVL).
Chris Stirland and Phil Pierce, respectively Leicester and Leeds-based partners of FRP Advisory LLP, were appointed as joint liquidators on 31 December 2013.
The cancellation of a “key order” prior to Christmas placed an “unsustainable pressure” on cash flow for a company that had previously suffered strain on its cash flow from bad debts due to customers becoming insolvent.
The group ceased just before Christmas after efforts to sell of its assets failed to materialise.
Stirland, joint liquidator, said: “It is hugely regrettable that a strong Leeds-based business with a loyal national customer base and which has employed over 100 staff for more than decade has had to close.
“The Glynn Print Group only took on another 20 staff as full-timers in the autumn to meet the demands of a significant order due in December for an existing customer and had ensured capacity was focused on the needs of that order.
“When the order was cancelled at short notice and without warning, the directors of the group 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, exacerbated this winter by customers placing Christmas orders early.
“We will continue to market the assets of the business to realise all that is possible in the interest of all creditors.”
A source close to the liquidation told Insolvency News: “Sales talks of some key assets were at an advanced stage, which if they progress to completion, may offer job opportunities for some workers previously involved in the business.”