James Stewart & Co (Printers) Limited (03039772): administration
- Status
- Administration ended
- Administration began
- 2012-10-16
- Administrators
- Philip James Watkins, Philip Lewis Armstrong
- Administrators' firm
- FRP Advisory
- Formerly
- Insuremotor Limited
- Incorporated
- 1995-03-30
- Location
- London
- Industry
- 18129 Printing n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Competition / price pressure
From the administrators' statement
JS & Co traded as a general printers and manufacturer of greetings cards with customers including John Lewis, Marks & Spencer and William Lea The business traded out of two leasehold print factories in Hertford.
The Company was incorporated in 1995 however the business was established in the 1970s. A total of 28 staff were employed, some of whom had worked at the business since its inception. Fry Thomas Holdings Limited (“FTH”) purchased the Company in June 2010 from the previous owner managers. The acquisition was part of a wider vision to create a group of print companies. Following the acquisition David Fry and George Thomas were appointed to the board and the previous directors resigned however they continued to work full time in the business
In June 2010 the Company entered into an invoice financing facility with Venture finance. The Invoice finance facility was transferred to Barclays in September 2011 with the provision of a £1m confidential invoice discounting facility. The company granted debenture security to Barclays in respect of its lending. Details regarding the security granted in relation to the funding are given in section 10 of this report
Administrators' statement of proposals (2012-12-04) · Companies House register