Shortfall for defunct Plymouth printer Latimer Trend estimated to hit £4.5m

Finance Director loses £280,000 after print firm's demise

Established in the dying days of Victorian England the printing company Latimer Trend and Company was founded producing leaflets, flyers, periodicals and stationery for customers in the British Empire. Some 130 years later the company as had the excruciating humiliation of going bust in a very 21st century way owing somewhere north of £4.5m.

The workforce of 80 were unceremoniously ‘let go’ with unpaid salaries and bonuses to the tune of more than half a million pounds.

Jo Francis writing for the trade magazine Print Week highlighted the state of play for the unsecured creditors following the collapse followed by administrators Sandra Mundy and Thomas Russell of James Cowper Kreston taking charge and going through the books.

She reported: “The administrators’ report states that secured creditors included Close Brothers Asset Finance and RBS Invoice Finance. RBS will receive payment in full-from the book debts, after existing orders for two major publishing customers were completed during the administration moratorium.”

Ian Carrotte of ICSM Credit said the whole affair was a sorry story that had become all too common. He said: “We have been aware of the ongoing crisis at Latimer Trend and our thoughts go to the staff who have lost their jobs and everyone who tried to save the historic business. Sadly when debts pile up they become a burden and with the changing nature of the printing industry and a general downturn in business it created a perfect storm.”

The list of creditors makes for eye watering reading with the Close Brothers owed £3m, the finance director £380,000, HMRC £230,00 and unsecured creditors more than £3m.

Ian Carrotte dismissed the notion put out by the firm last Ocotber that Brexit was the reason for the slide into administration - somthing that was widely reported at the time. He said a combination of factors had led to the collapse but Brexit couldn't be used as an excuse.

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