DMA Print Limited (09009637): administration
- Status
- Administration ended
- Administration began
- 2015-10-26
- Administrators
- Michael Stephen Elliot Solomons, Andrew James Pear
- Administrators' firm
- Advisory (South)
- Incorporated
- 2014-04-24
- Location
- Whitworth Road
- Industry
- 18129 Printing n.e.c.
Why it went into administration
- Sustained trading losses
From the administrators' statement
The Company had incurred heavy trading losses following the pre-pack and most paper suppliers had refused to give credit terms to the Company. To ensure continuity of supply TPL purchased paper stock for the Company and recharged the cost. Following a review of the business, Murray Booker, the director, implemented a plan to rationalise the business in an effort to reduce costs and improve the profitability In July 2015 the Company vacated the Leasehold Property, made 18 employees redundant and sold some of the leased equipment.
Following the rationalisation of the business it was envisaged the Company could trade profitably going forward but it did not have sufficient funds to pay the creditors accrued during the initial months of trading or the employees made redundant in July 2015,
Accordingly, the director sought professional advice and BM Advisory was introduced to the Company by Resolve, BM Advisory initially met with the director of the Company, Murray Booker, on 21 September 2015 to advise the Company on possible options for restructuring the business The potential options of continuing the business on the basis of securing additional funding, Creditors’ Voluntary Liquidation or Administration were all considered together with selling the business as a going concern.
Administrators' statement of proposals (2015-12-29) · Companies House register