ICSM Print Insolvency News: newspaper closes; end of an era for book printer; paper mill shuts down, and collapsed advertising firm leaves millions in debt

By Harry Mottram: It was the year of the Louisiana Purchase when France sold a slice of North America to the USA doubling its size. And 1803 also saw journalists allowed into the House of Commons to report on debates – boosting the content of newspapers and expanding the printing industry.

And in 1803 saw the establishment of the book publisher Clowes – which became CPI William Clowes. In November the trade journal Print Week reported the 222 year old firm was to close down by the end of March this year. Writing for the title Jo Francis reported: “It [Clowes] produces professional titles such as weighty legal tomes, timetables, manuals, annual publications, and high pagination thin paper books such as Bibles. All its core products are either increasingly going online, being produced in much reduced volumes, or are typically printed in the Far East and India in the case of Bibles. The Beccles-based business has sales of around £6.5m and has been loss-making in recent years. It had benefited from an influx of work after rival Wheatons closed in 2017, but the subsequent market decline proved insurmountable.”

The 50 staff are likely to be made redundant with some of the kit redistributed to CPI’s other sites.

Paper Mill Shuts

The German paper mill Feldmuele has blamed high energy prices in part for its planned closure with an announcement in December quickly following on from the news it had gained approval from creditors to exit insolvency proceedings.

Print Week reported that in a statement stated: “It seems that there is no desire for energy-intensive industry to remain in Germany.”

The Hamburg firm said: “In recent years, our company has made high-quality, capital-intensive investments in sustainability and energy efficiency. We have optimised and modernised processes, committed ourselves to training the next generation, developed new products and reduced our costs – all in a highly competitive environment.

“We were confident that we would achieve a turnaround. Unfortunately, due to unplanned market events, the inconclusive discussion on industrial electricity prices and ever-increasing new bureaucratic hurdles, we have come to the conclusion that we will no longer be able to continue production at our site in Uetersen in a sufficiently competitive manner in the long term – it is not economically viable to maintain operations.”

The mill had employed around 200 prior to the most recent restructure. In 2018 Feldmuehle underwent a similar process twice, during which it halved its workforce, shut down its second paper machine and exited the graphic papers market.

Newspaper printer shuts

Print Week’s Jo Francis has reported that digital newspaper printer Stroma has gone into voluntary liquidation after nearly 25 years in business. The West London firm began life in January 2001, printing editions of foreign newspapers for distribution in London and beyond. The West London firm began life in January 2001, printing editions of foreign newspapers for distribution in London and beyond she reported. Managing director Steve Brown said that the loss of two major contracts for books and training materials – one just before Covid, and one in autumn this year – had left the business unviable. Turnover had fallen to just under £1m from more than £2m, and staff numbers had been reduced from 16 at the firm’s peak to half that number.

Print Week reported: “Estimated total assets available for preferential creditors come to £103,030. Eight employees are owed £291,882 while unsecured creditors are owed £95,683. The estimated total deficiency is £402,670.”

Newspaper saved

Often called The Torygraph for its support of the Conservative Party The Daily Telegraph has been bought by rival newspaper The Daily Mail group – with funds from the NatWest Bank. Subject to the Government, Ofcom and the Competition and Markets Authority if the deal goes ahead the Daily Telegraph and Sunday Telegraph will join the Daily Mail, The Mail on Sunday, Metro, the i Paper and New Scientist among the Lord Rothermere owned media group’s portfolio. The newspaper like all print news sheets published back in the day in Fleet Street has seen its circulation fall although a legal dispute between the previous owners known as the Barclay Brothers didn’t help.

£11m Hole

The Leeds based firm 75 Media Limited left an estimated total deficiency of over £11m, following the advertising firm’s decision to enter voluntary liquidation in November reports Print Week. The trade publication said: “A total of 58 employee creditors were registered with the Leeds-headquartered outdoor advertising firm.”

James Saunders and Mark Blackman of KR8 Advisory were appointed joint liquidators of 75 Media on 4 December to sort out the affairs which include the £11 deficiency along with £6.9m to creditors. A long fist firms are owed money along with the staff who are owed £188,189. A total of £2,245,207 is available for secondary preferential creditors, along with £2,289,704 for preferential creditors. While just over £2m is available to unsecured creditors and HMRC was owed £235,116.

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