B1 environmental printer Polar Print Group has gone into administration with 45 redundancies being made.
Administrators at KPMG were called into the business on Wednesday evening.
A statement from Richard Philpott, joint administrator from KPMG said the business "has been experiencing trading difficulties for some time, in the main caused by increasing competition within the printing sector as well as rising business overhead costs."
The Leicester-based printer had recently invested £3m in new KBA pressroom technology with a Rapida 105 six-colour sheet-fed press being installed last November and another 10-colour machine due for installation in the second half of 2008.
Polar said at the time it was hoping to capitalise on the growing demand for "green" printing and believed that the new press would add £2m to the company's existing annual sales of £4.5m.
2007 accounts for the company are not available, but in 2006 Polar Print made a £202,000 pre-tax loss compared to a profit of £105,000 in 2005. The company employs 51 staff.
Managing director David Gask could not be reached for comment. Further details are not available at this stage.
Source: printweek
Administrators at KPMG were called into the business on Wednesday evening.
A statement from Richard Philpott, joint administrator from KPMG said the business "has been experiencing trading difficulties for some time, in the main caused by increasing competition within the printing sector as well as rising business overhead costs."
The Leicester-based printer had recently invested £3m in new KBA pressroom technology with a Rapida 105 six-colour sheet-fed press being installed last November and another 10-colour machine due for installation in the second half of 2008.
Polar said at the time it was hoping to capitalise on the growing demand for "green" printing and believed that the new press would add £2m to the company's existing annual sales of £4.5m.
2007 accounts for the company are not available, but in 2006 Polar Print made a £202,000 pre-tax loss compared to a profit of £105,000 in 2005. The company employs 51 staff.
Managing director David Gask could not be reached for comment. Further details are not available at this stage.
Source: printweek
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