A printer based in Swindon has entered administration, less than a year since it made its last acquisition.
Multisets appointed administrators from Mazars last week (13 August) and while the 40 staff working at the firm have been made redundant, the business itself will continue to operate at a lowered capacity as a buyer is sought.
Joint administrators from Mazars, said “It is very sad to see another long-established printing business struggling to compete, and trade profitably, in the declining print market.
“A number of redundancies have already taken place, however the company continues to trade on a reduced basis and the administrators are actively seeking a buyer for the business and assets.”
He added that he is hopeful that the established nature of the business will mean a buyer can be found.
The company was established in 1962 and last operated with a turnover of around £5 million. Its business has a strong focus on bespoke cheques for banks, schools and solicitors and it incorporates anti-fraud features into the printing of these.
Among the machinery operating in its 3,250 square metre premises are Rotatek, Morgan and Xerox presses and a Tamarack card mounting machine. It’s unknown if these have been sold on yet or if the focus will be on selling the entire business if possible.