Quantuma joint administrators step in to save 30 jobs at Kent digital print specialist
Corporate restructuring, insolvency and business advisory firm Quantuma has stepped in to save 30 jobs at a digital print specialist company in Kent.
NXP Europe Ltd, which prints everything from business stationery to outdoor signage from its base in Tunbridge Wells, was rescued by administrators Andrew Watling and Carl Jackson within 24 hours of their appointment on Friday 21 July.
It was sold as a going concern to VR Print Ltd, a digital print specialist company based in Tonbridge, Kent.
NXP Europe went into administration after bad debts of around £131,000 resulted in a reduction of funding, with increased pressure from a major creditor putting further strain on cashflows. It had also faced challenging general trading conditions in 2017.
Quantuma’s Andrew Watling explained: “NXP Europe had faced bad debts, but it was a fundamentally good business which was capable of being rescued.
“Prior to administration, the company’s directors attempted to recover but when increased pressure from a major creditor started to hit cashflows we were called in as joint administrators.
“We were able to accept the best offer and complete a sale shortly after our appointment, resulting in 30 jobs being saved.”
Joint administrator Carl Jackson added:“A going concern sale was considered essential so that we could maximise the potential disposal value of the business.
“This enabled a seamless transfer of the trade, assets and employees to VR Print Limited within 24 hours of the appointment of administrators.
“This is a great result for all concerned.”
NXP Europe, which was founded in 2002, was also well known for its high-quality binding and finishing of printed products.
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For more information, contact:
Marie Wadeson, Head of Marketing,
Quantuma LLP, Vernon House, 23 Sicilian Avenue, London, WC1A 2QS
Tel: 07464 545678
Andy Skinner, Managing Director, ASAP PR – 07990 978257
Notes to Editors
Quantuma LLP is a leading corporate restructuring, insolvency and business advisory firm delivering partner-led solutions to businesses and individuals facing financial distress with offices in London, Southampton, Marlow, Watford, Brighton, Birmingham, Bristol and Manchester.