York Mailing (Holdings) Ltd (05765833): administration
- Status
- Administration ended
- Administration began
- 2022-06-15
- Administrators
- Mark David Hodgett, Philip James Watkins
- Administrators' firm
- FRP Advisory
- Formerly
- Lupfaw 213 Limited
- Incorporated
- 2006-04-03
- Location
- Manchester
- Industry
- 18129 Printing n.e.c.
Why it went into administration
- COVID-19
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
A detailed overview of the events leading to the appointment of the Joint Administrators is included in Appendix C, however a summary of the events is included below.
The Group had come under increasing financial pressure throughout 2021 due to the performance of the Web Print Divisions. Challenges were attributed to a combination of (1) inherent industry challenges and supply issues; and (2) challenges created by the COVID-19 pandemic.
As a consequence the Group was unable to service its facility with Pricoa, the primary lender who were owed in excess of £50m under cross guarantee security across the Group. As a result of ongoing Group losses, Pricoa introduced FRP to the Group in January 2022 to conduct an accelerated sales process.
Administrators' statement of proposals (2022-07-04) · Companies House register