Jobs lost as print firm slips into administration

Some 10 jobs have been lost at a Loughborough-based commercial printing firm after it slipped into administration following the loss of a major customer and the general economic downturn.

The jobs have been lost at Automedia, which had been trading since 1977, after administrators Andrew Pear and Michael Solomons from BM Advisory sold the goodwill, customer list and order book of the company to Jump Design & Print, based in Herfordshire.

On 17 October 2019, BM Advisory was engaged to advise on possible options for restructuring the business. Following a review of the financial position of the company, on 22 October BM Advisory was engaged to commence a targeted marketing campaign with a view to selling the business.

A statement from BM Advisory said: “During the marketing period, 27 enquiries were received and 18 parties returned non-disclosure agreements. This resulted in two offers from unconnected parties for the order book, work in progress and intangible assets.”

As the business was fast approaching a period where the Company typically sees a seasonal decline in sales, the company was placed into administration on 6 November 2019 with the appointment of BM Advisory. Shortly thereafter, a sale was concluded for Jump.

Pear said: “Whilst there was significant interest shown during the accelerated marketing period, there were no offers for the business as a going concern. Our main objective was to achieve a better result for the creditors as a whole, and this was accomplished through the conclusion of the sale in short order of the company’s goodwill, work in progress, order book and a motor vehicle.”

All 10 staff members have been made redundant and BM Advisory said it is providing advice and support to them.