Print firm sold in pre-pack deal owed over £815,000 to creditors

A print firm that slipped into administration in November, and was sold in a pre-pack deal, owed over £815,000 to unsecured creditors, it has emerged.

Some 10 jobs were lost at Loughborough-based commercial printing firm Automedia after it called in administrators following the loss of a major customer, the ill health of its sole shareholder and the general economic downturn.

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 Herefordshire. However, documents seen by TheBusinessDesk.com show that unsecured creditors are unlikely to see any of the £816,501.74 owed to them.

These companies include Paper Graphics (Leicester), which is owed £106,000.

In November, 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.”