Published: 06:00, 08 April 2014 |
Updated: 13:41, 08 April 2014
A printing business has gone into administration after amassing debts of about £1.2m.
Print Logic Limited produces marketing material and offers direct mail services for customers like Aegas, the British Red Cross and the NSPCC from its base in Pattenden Lane, Marden.
Despite an annual turnover of up to £4m, the company fell into troubled after experiencing cashflow problems and struggling to pay creditors.
The firm appointed insolvency practitioners SFP as administrators earlier this year and is still trading while they try to sell the business as a going concern.
Joint administrator Simon Plant says this is the third time his company has been appointed as administrators for a firm in the print industry in the last six months.
He said: “Print Logic experienced cash flow difficulties due to its liabilities and severe creditor pressure has led to the company being placed into administration.
“We are continuing to trade the company in the short term to maintain goodwill while looking to sell the business and assets as a going concern.”
Established in 2009 as a broker for printing services, Print Logic expanded the following year when it moved into premises which had been previously operated by printers.
Today it offers printing and direct mail services.
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