Spectrum Printing Services Limited (01976196): administration
- Status
- Administration ended
- Administration began
- 2022-10-05
- Administrators
- Steven Muncaster, Matthew Ingram
- Administrators' firm
- Kroll
- Incorporated
- 1986-01-10
- Location
- Birmingham
- Industry
- 18129 Printing n.e.c.
Why it went into administration
- COVID-19
- Rising costs / inflation
- Competition / price pressure
From the administrators' statement
The Group had a combined 250 years of print experience which has grown historically via the acquisition of complementary businesses.
The Group’s management team completed a consolidation exercise over the course of 2022 to operationally restructure the business and bring the majority of operations into one location. Accordingly, this resulted in the Group being able to reduce overheads and deliver synergies.
However, the impact of the unprecedented lock-down from March 2020 due to the COVID-19 global pandemic significantly affected sales revenue and a significant burden was placed on the Group’s cash resources.
Administrators' statement of proposals (2022-12-01) · Companies House register