Administrator Begbies Traynor faces an uphill battle to sell failed large-format printer Capital as a going concern after rival companies distanced themselves from a possible purchase.
However, several of the firms have said they may be interested in purchasing kit.
Begbies will now have the arduous task of picking over the pieces of a company that has been shrouded in mystery for several months.
David Hudson and Mark Fry of Begbies Traynor were appointed administrators at east London-based Capital last Thursday afternoon (26 June), shortly after staff had been told to leave the site at around 3pm.
Hudson said: “Capital’s employees had left the company prior to our arrival. Since then, we have secured the site and commenced our investigations into the company’s affairs, including the appointment of independent valuers, with a view to assessing assets and liabilities.
“We have re-employed a small number of employees to undertake a limited amount of work in progress in order to enhance realisations. We would invite all parties interested in purchasing the business or its assets to contact us as soon as possible.”
The large-format firms most likely to buy Capital, including St Ives, Augustus Martin, Creo Retail Marketing and Bezier, have told PrintWeek they are not interested.
The London Development Agency (LDA), which financially assisted Capital’s move out of the designated 2012 Olympic stadium site in Stratford last summer to new premises at Beckton waterfront, has said it is investigating what has occurred.
Although the LDA told PrintWeek it had completed payments to Capital, it added: “We are keeping track of the companies that we relocated and we have a team looking into how much involvement we can offer in terms of the administration.”
Staff have also been left in limbo because they did not receive wages for their final month of work, understood to be due on 27 June.
Staff, who have aired their anger on printweek.com’s online forums, were reported to have taken company equipment, including computers and in one case a widescreen television, when they left the site last Thursday.
The events follow a number of changes at the company. Its registered office was changed on 29 February from the factory’s Beckton address to an address in Holland Park, west London, then to an address in Mayfair on 20 March. Both addresses are understood to be managed mailboxes.
Entrepreneur Myles Bunyard also appeared on company records briefly as a director in February.
Phones at Beckton are not being answered and managing director David Gill declined to comment on the situation.
Source: printweek
However, several of the firms have said they may be interested in purchasing kit.
Begbies will now have the arduous task of picking over the pieces of a company that has been shrouded in mystery for several months.
David Hudson and Mark Fry of Begbies Traynor were appointed administrators at east London-based Capital last Thursday afternoon (26 June), shortly after staff had been told to leave the site at around 3pm.
Hudson said: “Capital’s employees had left the company prior to our arrival. Since then, we have secured the site and commenced our investigations into the company’s affairs, including the appointment of independent valuers, with a view to assessing assets and liabilities.
“We have re-employed a small number of employees to undertake a limited amount of work in progress in order to enhance realisations. We would invite all parties interested in purchasing the business or its assets to contact us as soon as possible.”
The large-format firms most likely to buy Capital, including St Ives, Augustus Martin, Creo Retail Marketing and Bezier, have told PrintWeek they are not interested.
The London Development Agency (LDA), which financially assisted Capital’s move out of the designated 2012 Olympic stadium site in Stratford last summer to new premises at Beckton waterfront, has said it is investigating what has occurred.
Although the LDA told PrintWeek it had completed payments to Capital, it added: “We are keeping track of the companies that we relocated and we have a team looking into how much involvement we can offer in terms of the administration.”
Staff have also been left in limbo because they did not receive wages for their final month of work, understood to be due on 27 June.
Staff, who have aired their anger on printweek.com’s online forums, were reported to have taken company equipment, including computers and in one case a widescreen television, when they left the site last Thursday.
The events follow a number of changes at the company. Its registered office was changed on 29 February from the factory’s Beckton address to an address in Holland Park, west London, then to an address in Mayfair on 20 March. Both addresses are understood to be managed mailboxes.
Entrepreneur Myles Bunyard also appeared on company records briefly as a director in February.
Phones at Beckton are not being answered and managing director David Gill declined to comment on the situation.
Source: printweek
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