Printing firm in administration
ADMINISTRATORS HAVE been appointed to an award-winning commercial printing firm in Northern Ireland that has been in business for 83 years.
Commercial Graphics, which was originally founded in Belfast in 1929, operated from a purpose-built facility in Bangor, Co Down.
The company had employed 34 people, all of who except two have now been made redundant.
Directors of the firm who did not wish to be named said they had done their “utmost to maintain the company’s viability”.
“We regret that our efforts were unsuccessful. This has been a very difficult time for the company and workforce,” one added.
Commercial Graphics provided a range of design, pre-press and specialised printing services, and previously won the British Printing Industries Federation’s Printer of the Year award.
Stephen Cave and Paul Rooney from PricewaterhouseCoopers (PwC) have been appointed as joint administrators to the firm.
Mr Cave said one of the factors which led to the company’s current problems was a significant increase in the number of competitors entering the Northern Ireland market.
He said the “economic climate” had also contributed to a decline in turnover which resulted in its overall deterioration.
Mr Cave added: “Despite the efforts of the directors to secure the future of the business, severe cash-flow pressures led to a cessation of trading last week, with 32 employees being made redundant.
“Our immediate objective will be to determine the financial position of the company and to examine potential sale opportunities.”