The Midas Press Limited (02084768): administration
- Status
- Administration ended
- Administration began
- 2011-10-12
- Administrators
- Anthony Cliff Spicer, Henry Anthony Shinners
- Administrators' firm
- Evelyn Partners
- Formerly
- The Midas Press PLC
- Incorporated
- 1986-12-17
- Location
- Farnborough
- Industry
- 2222
From the administrators' statement
Midas Press Ltd initially traded as a partnership for 40 years providing printing services to clients including Vodafone, Nokta, Sotheby’s and Christies They employed 90 full time members of staff generating a turnover of circa {10m The partnership started to report losses following the inception of pnnt management companies and msing paper costs Thereafter the partnership went into administration on 29% January 2010
The incumbent management team bought the assets and business of the company from the administrators of the original partnership on 29 January 2010 A dormant company, Midas Press PLC was used as the buying vehicle and simultaneously changed its name to Midas Press Ltd All staff were transferred to the new company and finance was provided by the management team by factonng its book debts to Bibby Factors (“Bibby”) However, increased overheads together with high redundancy and legal costs proved to be unsustainable in the newly formed company To raise finance, the management sold 80% of the Company to LPC Pnnting Limited
The newly structured entity sought to increase profitability by introducing cost cutting measures However decreased sales over the next few months led to a cash flow deficit. The directors explored fund-raising options such as an agreement with suppliers and Bibby in order to create additional credit facies A number of the current and previous staff and the directors all provided unsecured loans to the business However, with equipment finance arrears of circa £65,000, landlord arrears of circa £22,000, and a depleted capital base which prevented the completion of orders, the directors decided to put the company into administration Accordingly, Henry Anthony Shinners and Anthony Chiff Spicer were appointed as joint administrators on 12 October 2011
Administrators' statement of proposals (2011-12-09) · Companies House register