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Business

Loop Print enters administration

A total of 22 jobs have been lost at Loop Print in Sheffield, following “difficult trading conditions.”

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Loop Print had invested heavily in new kit over the last few years

Jamie Miller and Gareth Harris of RSM Restructuring Advisory have been called in as joint administrators for the business.

Miller comments: “The tough trading environment for the print industry has been well documented with more and more content moving online and unfortunately this has led to another blow for the sector.

“It is with regret that the employees of this long established and well-respected local business have been made redundant and we are working with the Redundancy Payments Service to support all employees to process their claims as quickly as possible.

“We are also seeking to sell the company’s plant and print equipment to maximise realisations for creditors and would encourage any interest parties to contact us or our agents, Walker Singleton, as quickly as possible.”

The tough trading environment for the print industry has been well documented with more and more content moving online

Chartered surveyors Walker Singleton will be auctioning off the company’s assets, including a Komori Lithrone five-colour press, a Heidelberg SM52 two-colour, two Konica Minolta BizHub digital presses, Heidelberg Cylinder and Platen presses, an EFI VUTEk QS2000 and a Roland VersaCAMM VS 540 wide-format printer/cutter amongst other finishing machines.

Allan Chapman, director of Walker Singleton, says: “Loop has invested heavily, especially over recent years, in state-of-the-art equipment by industry leading manufacturers.

“The obligation on the administrators, and in turn ourselves, is to maximise the financial return for creditors and reflective of all the factors it is likely, if not yet inevitable, that an online auction sale of the assets will ensue that will provide the opportunity for all interested parties to bid competitively to extend or update their equipment base.”

Loop Print specialised in a range of digital and litho printing services, including wide-format print for signage and point-of-sale products.

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