G&H Sheet Fed in Manchester has gone into administration as of today.
Earlier this month, the company had sought protection from its creditors after suffering a 6-figure bad debt.
Chris Ratten and Lindsey Cooper of RSM restructuring advisory LLP have been appointed joint administrators.
“The tough trading environment for the print industry continues and unfortunately a sizeable bad debt and squeeze on credit limits has led to another blow for the sector,” stated Ratten.
Established in 1969, its client list included both Manchester football clubs, Lakeland and Regatta.
It had employed 80 staff across its 3 sites in Trafford Park, although 56 of these were made redundant before today.
In the statement, RSM said they expected “that the majority of the remainder will be made redundant as a result of the appointment. Their claims will be dealt with by the Redundancy Payments Service.”
For the year to 30th June 2017, sales were £11.9m, on an operating profit of £1.5m. However, it filed an operating loss of £1.28m on discontinued operations.
Directors had loaned the company £750k from their pension scheme.
