Administrators called in after collapse of Coventry printing firm

ADMINISTRATORS have been called in to a Coventry printing firm, threatening the jobs of 10 people.

Tyrone Courtman and Nick Edwards, of Cooper Parry, are trying to secure a quick sale of LumeJet in an attempt to protect the jobs of those employed by the firm, which develops photonic platform technology for inkless printing and patterning applications.

The administrators are currently seeking offers for the business with the two men aiming to complete the deal by Monday (August 31) due to its perilous financial position, which may be unrecoverable. The company is thought to have debts totalling more than £6m.

Print Week reported that the administrators were highlighting the assets of the business as the 10 people still working there, its stock of five printers – two in build – and a significant customer interest in the UK and Europe, as well as assets including patents and trading company assets stock and plant.

The company is also said to be developing next generation UV printheads for ‘maskless’ patterning and PhotoInk technology for high-speed labelling and packaging. It is apparently anticipating future revenue of around a rather optimistic £15m per annum.

Print Week said that according to documents at Companies House, four LumeJet directors – David Lambert, Miles Bentley, Paul Anson and Jeremy Luckett – had their appointments terminated between March and May this year.

Earlier this year TheBusinessDesk.com reported that LumeJet had secured a strategic partnership with a Swiss photobook printing and finishing manufacturer.

The tie-up with Imaging Solutions was said to enable LumeJet to cut production costs by up to half on a new system that targets the layflat photobook sector.

Last year the firm announced it was aiming to raise £2m to enable it to become the UK’s first crowdfunded digital printing machine and print head manufacturer.

In the end its raised £1.5m through the Crowdbnk platform.

The company had said in addition to its photonic imaging technology, it was working on a printhead offering 50 times more output. It said the UV printhead had been proven in the lab for digital lithographic applications and it was investigating new photosensitive coating technologies for volume applications.

CEO Paul Anson said at the time (last November): “Whilst we will always protect client and partner confidentiality, even from shareholders, we have a list, as long as your arm, of major names in the industry that are in dialogue or working with us on a wide range of breakthrough printing applications.

“The applications include a variety of projects such as volume on-demand inkless packaging printing and the manufacturing of printed electronic components such as flexible displays, plastic logic components and low cost sensors.”

It claimed then to have raised around £8m, mostly from private sources and publicly backed institutions. It had recently won its first industry award and had presented at Buckingham Palace and No 10 Downing Street, when it was selected as one of the 10 most promising digital companies in Britain.

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