Colourpoint Litho Limited (01129659): administration
- Status
- Administration ended
- Administration began
- 2022-08-10
- Administrators' firm
- Begbies Traynor
- Formerly
- P.J.D. Photoset (Aylesbury) Limited; BCG Leisure Limited; Sanogene Limited
- Incorporated
- 1973-08-17
- Location
- Birmingham
- Industry
- 18129 Printing n.e.c.
Why it went into administration
- COVID-19
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Sustained trading losses
From the administrators' statement
Colourpoint Litho Limited (‘the Company’) is a litho and digital printing company, started in 1996. It has grown steadily over the last 26 years to a turnover of 5 million and historically has been profitable and had built up a healthy balance sheet.
However, following Covid-19, turnover dropped sharply overnight and whilst the directors managed to increase this since the outbreak of the pandemic, trading levels have not recovered.
To manage this drop in work, the Company used the furlough scheme and took out CBILS loans from RBS and Funding Circle. The directors had to make the difficult decision to make 10 staff redundant. Having made these difficult decisions, the directors remained optimistic that once pandemic restrictions eased, work levels would return to normal levels within 6 months. After the final lockdown/restrictions in July 2021 had been eased, it was anticipated that pre-pandemic trading levels would return. Unfortunately, this did not happen and until March 2022, the business continued to operate at 60% of pre-pandemic sales levels.
Administrators' statement of proposals (2022-08-22) · Companies House register