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Voluntary liquidation for commercial printers

Date Added: 09/09/2013  

Jobs are being lost in London as a result of the news that a commercial printing business based in the capital has taken voluntary liquidation.

Newgate Concise confirmed that it is being shut down and has appointed liquidators in order to take over the running of the firm.

It is understood that one of the main reasons behind the closure of the organisation is a forced move after the company's landlord's decided to not renew its lease. While Newgate Concise did look into potential locations to move to, it was believed this was going to be too costly for the firm to be able to survive.

According to a report by Print Week, costs including dilapidation fees on the old premises and upgrading new premises were going to make it prohibitive for Newgate to move.

Newgate Concise was owned by holding company Polarview and was initially shortlisted in the Print Week Awards 2013 before pulling out. It was founded as Newgate Press in 1946, but split into two with Concise Cover Printers. The two companies were later amalgamated and employed 12 members of staff until the liquidation last month.

Assets such as a six-colour Heidelberg Speedmaster SM52, a six-colour CD102 and a five-colour B2 press, which were all located at its Rotherhithe facility, are now expected to be sold off.

Pre-press technology such as a B2 UV varnisher and guillotining equipment is also likely to be sold in order to cover the remaining costs of the firm.

This liquidation comes only a short time after Aberdeen-based Deer Digital announced its immediate closure last Tuesday (September 3rd) in a blog post on its website. Though the company admitted it has been experiencing cash flow management issues, it denied that it will be going into administration.

"As a management team we have always felt a responsibility to deliver a bright future to each of our team members and do the best we can by them - our present circumstances mean we can no longer deliver on this responsibility and have had to do what was always the unimaginable," the blog post said.

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Posted by Miles Pritchard

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