Paul Stanley and Gary Lee of Begbies Traynor have been instructed to act as Joint Liquidators of specialist UV litho printer Colour Five Limited.
Gary Lee, partner at Begbies Traynor, said:
"The business was hit hard by a combination of the rising cost of raw materials, the loss of a key customer and a general decline in demand for specialised UV litho printing.
“Following a detailed review of the business and after the directors explored a range of options and strategies, it was clear it was no longer viable. After meeting the directors and reviewing the current financial position we confirmed that it was insolvent and that steps should be taken to place it into a Creditors’ Voluntary Liquidation (CVL).
“The company ceased to trade on 31 May 2019 and we were appointed on 18 June 2019. Creditors have already been notified. Unfortunately, all staff have been made redundant.
“Go Stationery is a separate company and continues to trade.”
Gary is a Fellow of the Institute of Chartered Accountants in England and Wales and a Licensed Insolvency Practitioner with over 20 years experience in the profession.
He has worked extensively with Banks, Asset Based Lenders & Private Equity on mid market & SME assignments. He has a broad range of experience gained through a variety of assignments, working on formal insolvency appointments, informal workouts, debt negotiations and independent business reviews.