Sheffield print firm Print Loop goes into administration with 22 job losses
A printing company in Sheffield has gone into administration after suffering from difficult trading conditions in the sector leading to 22 job losses.
Jamie Miller and Gareth Harris of RSM Restructuring Advisory have been appointed joint administrators of Loop Print.
Loop Print was a specialist litho and digital printer that delivered print for clients across the UK. The firm operated from Digital Works in Sheffield and had 22 employees.
The decision to appoint administrators was made by the directors of Loop Print after suffering from difficult trading conditions within the printing sector.
As a result, the business has ceased to trade and all employees have been made redundant.
Jamie Miller, partner at RSM and joint administrator, said: “The tough trading environment for the print industry has been well documented with more and more content moving online and unfortunately this has led to another blow for the sector.
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“It is with regret that the employees of this long established and well-respected local 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.
“We are also seeking to sell the company’s plant and print equipment to maximise realisations for creditors and would encourage any interest parties to contact us or our agents, Walker Singleton, as quickly as possible.”
Allan Chapman, director of Walker Singleton, said: “Loop has invested heavily, especially over recent years, in state-of-the-art equipment by industry leading manufacturers.
“The obligation on the administrators, and in turn ourselves, is to maximise the financial return for creditors and reflective of all the factors it is likely, if not yet inevitable, that an Online Auction Sale of the Assets will ensue that will provide the opportunity for all interested parties to bid competitively to extend or update their equipment base.
“Further details will be made available on our website in due course.”
The joint administrators are encouraging any parties who wish to express an interest in the remaining tangible assets of the company to contact Allan Chapman of Walker Singleton on 0113 848 000 or firstname.lastname@example.org.