Economic downturn takes another scalp as 67 lose their jobs

Cem Press in Nottingham who manufacture wallpaper books, fabric books and fabric swatch cards for the textiles and home interior industry has gone into administration.

Print Week’s Richard Stuart-Turner reported this week that the sister firm of Sunline had called in Tom Straw and Simon Thomas of Moorfields Advisory after the company hit rock bottom.

In a statement, Moorfields Advisory partner Tom Straw said: “It is unfortunate that a buyer was unable to be secured for the business.

“The company has entered administration due to the competitive nature of the industry sector and an increasing focus on digital technologies. We are doing our best to support the staff affected by the news.”

Richard Stuart-Turner reported: “According to its most recently filed accounts at Companies House for the year ended 31 December 2018, Cem Press, which is registered as CEM Press Ltd, recorded a turnover of £2.85m but incurred a net loss of £210,287.

“The accounts included a note that stated that due to its losses and liabilities the company was ‘dependent on the ongoing support of its ultimate parent undertaking CEPS PLC’. Industrial holding company CEPS PLC owned an 80% stake in Loughborough-based Sunline Direct Mail, which was placed in administration in June 2018.”

ICSM Credit's Ian Carrotte said a shrinking market was hitting all aspects of the printing industry. "From packaging to newspapers and from specialist firms like CEM to those in the supply chain are being hit by the economy slowing down. It's vital for any firm to keep a  tight credit control and not to allow debts to pile up. Using ICSM's systems our members protect themselves from cashflow problems and from getting caught out with bad debts."

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk