Jobs saved after Lancashire print business bought out of liquidation
A Blackburn printing business, and all its jobs, have been saved following its sale out of liquidation.
Lancashire Printing Co Limited has been trading for more than 40 years.
Ian McCulloch and Mark Ranson, of Opus Restructuring, were appointed as joint liquidators on June 24, and a sale to a connected company, Lancashire Foil & Print, was completed on the same day.
Ian McCulloch, partner at Opus, said: “Like many SMEs across the region, Lancashire Printing Co has struggled during the pandemic.
“Its customers are primarily made up of hospitality and office-based businesses, two of the worst affected sectors during the pandemic.
“Whilst orders are increasing, as the country returns to some form of normality post-pandemic, this was not enough to resolve the position and the directors sought financial advice.”
He added: “Having reviewed the position, we concluded a sale of the business was the best outcome for all parties. We are delighted to have been able to complete the sale, thereby safeguarding jobs and ensuring continuity of supply from a long standing and well regarded business.”
The directors of Lancashire Foil & Print said “We have worked for Lancashire Printing Co for over 30 years and will continue to offer our trusted service, and work with our clients to produce inspired modern print solutions.”
The liquidators were advised on the transaction by Jenny Burke of Forbes Solicitors.