Artisan Press goes into administration
Rob Harding and Chris Farrington of Deloitte have been appointed to the company and are “immediately reviewing the options for the business.” Its business and assets are now up for sale.
In February newly-appointed managing director Jonathan Sankey said there was a three-year plan to take the business forward. At the time he said: “We are supporting the business as a family. Over the past 18 months we invested another £2m to support the changes.”
However, a source close to the company told PrintWeek that Artisan’s March trading figures had been “the worst on record” and this may have tipped the company over the edge.
In a statement, Deloitte’s Harding said: “Although Artisan enjoys an excellent reputation for customer service and high quality production, margin pressures and declining demand for printed media have contributed towards losses suffered by the business for a number of years. The directors concluded that the company was unable to continue to trade on this basis and resolved to place the company in to administration.”
“This is very sad, but it’s not a surprise,” said one web offset industry executive, echoing the views of many in the sector.
The adminstrators are “urgently seeking customers’ support” in order for the company to continue to trade “to secure the best outcome for creditors, employees and other stakeholders”.
Artisan Press also prints catalogues for major brands including M&S and Laura Ashley.
In its last filed accounts, for the year to October 2013, Artisan posted operating losses of £4.6m on sales down 13% to £32.5m. A £2m impairment charge against the value of its fixed assets contributed to the loss. Auditors at BDO placed a going concern note on the accounts.The company employs around 180 staff.
“It’s very unfortunate whenever a business faces this situation and a very difficult and sad time for the employees. It’s another indication of how difficult it has become in the print industry to maintain an adequate margin”