22 jobs lost as another Sheffield print firm goes bust
Twenty two jobs have been lost after a Sheffield-based printing company went into administration.
Loop Print was a specialist litho and digital printer that had clients across the UK.
It operated from Digital Works on Harvest Lane, Neepsend.
Directors called time after suffering from difficult trading conditions including the cost of paper and online competition.
Administrators will now try to sell its plant and print equipment to raise money to repay creditors.
Jamie Miller, of administrators RSM said: ‘‘It is with regret that the employees of this long established and well-respected business have been made redundant and we are working with the Redundancy Payments Service to support all employees to process their claims as quickly as possible.’
Two weeks ago Evolution Print went bust with the loss of 23 jobs. The company, based on Atlas Way off Carlisle Street, faced mounting arrears in rent and business rates.
The firm, which had been trading for 23 years had faced 40 per cent increases in wholesale paper costs since 2016.
Andy Wood, of insolvency firm Wilson Field said: "This is in a very competitive industry where cost increases cannot easily be passed on and where margins are tight. Cash flow problems developed and things came to a head when legal action was threatened in respect of arrears in business rates.
"This was further aggravated by suppliers requesting either pro-forma invoices which resulted in difficulty obtaining the basic raw materials to trade."
Earlier this week two Sheffield print companies, Northend Creative Print Solutions and My Print Partners, announced a merger.
Northend managing director, Nigel Stubley, said My Print had been merged into their premises on Clyde Road, Heeley and the new, enlarged business was called Northend.
He said: “Bringing together the oldest and newest companies in the region means we are able to build on a well-established heritage and make sure that Northend stays part of the future for the next 130 years!
“This means a larger team and more opportunity to bring together both equipment and people skills to add more value to our existing relationship. Apart from the new name and identity, it’s business as usual.”