£13m shortfall following Global MP collapse

DIRECT mail printer Global MP has left a total shortfall of £13m following its collapse earlier in the summer while its administrators said there is “no prospect of a return to unsecured creditors.”

Global MP, based in Bradford, was established in September last year when chief executive and sole director Kevin Dunstall acquired the firm from St Ives via his Cogent B2B business.

It went into administration in July this year, with Chris Ratten and Jeremy Woodside from Baker Tilly appointed joint administrators, resulting in the loss of 150 jobs.

The printer left a total shortfall of more than £13m, with a total of £9m owed to unsecured creditors. 

Trade suppliers are among the hardest hit, with Bradford-based Bahson Colour Print owed £123,026 and Leeds direct marketing company The Lettershop Group owed £92,691 according to Prolific North.

St Ives is the largest single creditor and is still owed £4.2m of the £8m Dunstall agreed to pay for the business, it is understood.