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Rescue, Recovery, and Closure Options for Print and Publishing Businesses
In an increasingly digital world sales of printed newspapers and magazines are on a downward trajectory. Lessening demand for these services leads to a decrease in turnover, and ultimately profit, for those whose businesses revolve around the production and printing of these items.
The rising cost of raw materials coupled with aggressive competition from online printers is leading to tighter and tighter margins within the printing industry, pushing some companies to breaking point. Huge, low-cost, digital printers are taking away work from local printing firms who are simply unable to match their prices. In a world where everyone is looking to save money wherever they can, unfortunately when it comes to printed goods, price often trumps quality in the eyes of the customer.
Printers, scanners, and finishing equipment are all expensive to buy, have a high margin of depreciation, and require updating if your business is to remain competitive. However, if the orders are not coming in, investing in costly machinery can be difficult to justify; yet, failure to keep your equipment up to date risks you falling behind your competitors when it comes to quality and not having adequate machinery to fulfil large orders if and when they come in.
As well as these industry specific problems, printing companies also have to contend with the risks any business faces, such as the loss of an important contract, the failure of a key piece of machinery, or a large amount of bad debt. Due to this it is an unfortunate fact that more and more printing companies are finding themselves struggling under these mounting pressures.
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For some companies, the business may be beyond rescue meaning closure options have to be considered. The most popular type of insolvency procedure is known as a Creditors’ Voluntary Liquidation (CVL). CVLs must be administered by a licensed insolvency practitioner who will try to realise as much money from the company’s assets before taking the necessary steps to close down the business for good. As part of this process, any debt the company has which remains outstanding following the liquidation of assets will be wiped out, and unless the director has personally guaranteed any of this borrowing, they are free to walk away from the company without liability.
If your print or publishing company is facing financial difficulties, the sooner action is taken the more options will be open to you and your company. There are a variety of business recovery options which can help change the fortunes of your company before it gets too late. This may involve obtaining finance to aid your cash flow and keep things moving, negotiating with HMRC if you have fallen behind on your tax obligations, or a more formal restructuring programme such as a Company Voluntary Arrangement (CVA) if your company is struggling to manage its creditors.
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