Print Industry News: Tudor Bookbinding set for creditors meeting; newspaper group’s latest financial worries; the high price of a death at work for a company

The Daily Star is owned by Reach who have financial woes

Print Industry News: Tudor Bookbinding set for creditors meeting; newspaper group’s latest financial worries; the high price of a death at work for a company

The print industry is being hit by a triple whammy of Brexit uncertainties, Covid 19 lock downs and a decline in printed papers and magazines as consumers use online publications.

“It has been a bad time for the industry,” said Ian Carrotte of ICSM Credit, “but each time a Latimer Trend or a Taylor Bloxham gets into trouble they can cause financial grief for their suppliers.”

He also said that sometimes firm’s bring problems on themselves through lapses in safety regulations resulting in tragedy. “One bad accident can put a firm in financial problems,” he said, “as the fall-out with compensation, fines and legal costs can be worse than a bad debt.”

Bookbinder faces creditors

There is a creditors meeting on September 17 concerning the fate of the Leicester-based firm Tudor Bookbinding.

The firm is known for its craft skills in bookbinding over a quarter of a century with a strong reputation in the industry.

A notice of insolvency has been posted with a resolution to wind up the Company is to be considered on 17 September 2020 in an online meeting in the morning. The firm’s website remains in operation and business has continued as usual during the administration.

The liquidator is S P Ford & Co Limited, of Lutterworth, Leicestershire.

Newspaper groups latest concerns

The Mail on Sunday’s Jamie Nimmo has outlined potential bad news looming as hedge fund Luxor circles the newspaper and magazine publishing group Reach.

The publisher of the Daily Mirror and Daily Express newspapers has seen circulations fall and have closed titles across the country as readers switch to online leading to a financial crisis.

Jamie Nimmo reported: “In July, the last time the company reported on trading, it said it would be forced to cut around 550 jobs - around 12 per cent of its staff - to help it ride out the crisis. Notably, when it warned of job losses and plunging print sales, the hedge funds began to circle.”

He said on that day, New York hedge fund Luxor Capital, run by Christian Leone, started betting against the shares.

Nimmo continued: “Luxor, which did not respond for comment, has since been steadily increasing its short position, which was the first major bet against the shares for over two years. It now accounts for almost 2% of Reach's shares and comes just a fortnight before the newspaper group's half-year results. Luxor must see more bad news ahead for Reach.”

Ian Carrotte of ICSM Credit said all the newspaper groups had been in trouble for years due to the decline in the public’s desire to buy newspapers.

Death at the factory

Jo Francis of the print industry’s trade press publication Print Week has reported on a tragic case of a death at work. She wrote: “A manufacturer of industrial tape products, including social distancing and plate mounting tapes, has been fined more than £100,000 after a worker was crushed to death in a slitter-rewinder. HSE: Scapa failed to take action to ensure the necessary guarding of the machinery. The incident occurred at Scapa UK’s Dunstable facility in April 2018. Operator Brett Dolby was using a rewind slitting machine used for cutting down master rolls. He was drawn into an in-running nip between a rotating roller and the adhesive material.”

Print Week said the Health & Safety Executive (HSE) reported that Dolby’s colleagues found him trapped in the machine, “having suffered fatal crush injuries”. The firm had allocated £300,00 ahead of the case to cover costs.

Print Week reported: “Scapa UK was fined £120,000 and ordered to pay full costs of £15,192.68 after a hearing at Luton Magistrates Court. The company pleaded guilty to breaching Section 2(1) of the Health & Safety at Work Act 1974. Scapa Group PLC is headquartered in Ashton-under-Lyne and has operations around the world. The £320.6m turnover group operates in the healthcare and industrial markets.”

Ian Carrotte said: “Health and safety at work is often seen as an extra cost by some people but this case shows how a tragic accident has a huge financial cost to a business. Sticking to safety rules saves lives and can save a firm from going under in certain circumstances.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel - while at the moment there's a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach - ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website or email Ian at 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 or send an email to

For details for the work of the journalist Harry Mottram visit


Tel 0844 854 1850 ___ Fax 01454 327 355
Privacy Policy   © ICSM All Rights Reserved