Hastings Printing Company Limited (00139649): administration
- Status
- Administration ended
- Administration began
- 2016-08-03
- Administrators' firm
- Opus Restructuring
- Formerly
- W.S.Caines Limited
- Incorporated
- 1915-03-15
- Location
- London
- Industry
- 18129 Printing n.e.c.
Why it went into administration
- Property / lease costs
- Management failings / irregularities
From the administrators' statement
Hastings Printing Company Limited (hereinafter referred to as “the Company’) was incorporated on 15 March 1915 The Company traded as a magazine and commercial printers
Prior to Paul Denne’s involvement with the Company, it was traded by the Knoll family Mr Denne, who owned Manor Creative Limited (which traded as Manor Group){"Manor”), also a printing company, was approached by the Managing Director of the Company tn February 2016 with a view to purchasing the business as the cashflow was low and they were struggling to meet their overheads
At this stage, commercial agents had already been instructed to provide valuations of the business and the current owners were considering a pre-packaged Administration sale As part of the potential purchase, Mr Denne undertook an analysis of the Company's customer base and plant and machinery as he believed that some of the equipment would become surplus to requirements as newer equipment was already in use by Manor !t became apparent that the Company had made little to no investment in any new printing technology since 2006 and they had a 50% reliance on magazine work for their income Merging the existing customer base with that of Manor would allow for an increased customer base which would be able to take advantage of Manor's newer machines
Administrators' statement of proposals (2016-09-30) · Companies House register