Atlantic Graphic Solutions Ltd (08804864): administration
- Status
- Administration ended
- Administration began
- 2019-12-18
- Administrators
- Mark Elijah Thomas Bowen
- Administrators' firm
- PwC
- Formerly
- Rosemill Restaurant Limited
- Incorporated
- 2013-12-06
- Location
- Droitwich
- Industry
- 74100 specialised design activities
Why it went into administration
- Loss of a key customer, supplier or contract
- Bad debts / customer insolvency
From the administrators' statement
XXXXXXXXXXXXX was a very large client for us and made up nearly 50% of our turnover. In Feb 2018 they approached us and said that they needed us to reduce our prices significantly, but could promise us more work. We agreed but said that we needed to invest in quicker print and finishing equipment in order to achieve the savings they needed. As a result, we asked for a 3-year contract and they agreed. We purchased a new printer and later a new cutting machine. In May 2019 just as we were sending out the first of two large print runs that we do every year, one in May and one in September. We were told that they intended to install digital menu screens in all their cafes and they would no longer need us to print anything going forward.
Since XXXXXXXXXXX decided to put Digital into the cafes we have worked hard to replace the work, We would normally bill them around 200-250k around September which is highly profitable and contributes heavily to the company overheads. As this didn’t materialize, we have struggled to keep on top of Vat and PAYE payments. The monthly payments for the print equipment is significant and we are not utilizing the speed of this equipment. We have worked hard since finding out the news to replace the print work. But only having 4 months’ notice this has not been possible.
can confirm that our previous company Atlantic Creative Solutions Ltd was also put
Administrators' statement of proposals (2020-01-24) · Companies House register