Stratford printers Newsfax goes into administration
Newspapers forced to find alternative printers after a Stratford business enters administration.
Newsfax Interntional Ltd, the UK’s leading contract newspaper printer with a branch called Newsfax (Bow) Ltd in Rick Roberts Way, entered administration yesterday afternoon.
BDO LLP partners have been called in as joint administrators to restructure the Stratford site where around 30 staff are based but Newsfax does not directly employ any staff so no redundancies are planned.
Martha Thompson, BDO business restructuring partner said: “Unfortunately the economic climate and difficult trading conditions in the printing sector have adversely affected the business.
“Together with the failure of the parent company Newsfax International Limited, it has been necessary to take steps to safeguard creditors and we are proactively reviewing all the options for the future of the company.
You may also want to watch:
“Our immediate priority has been to ensure that business continues as usual over the coming weeks.
“The Joint Administrators have engaged a third party operator to ensure that newspaper production continues at the site. “Customers seeking further information should contact the Joint Administrators with any queries.”
- 1 Election 2021: Live updates for GLA, by-election and referendum
- 2 Call for 'zero tolerance' crackdown on Newham gangs
- 3 Woman arrested in Custom House fatal stabbing and shooting investigation
- 4 Teenagers killed in London in 2021 so far nears 2020 total
- 5 Player ratings: Coufal shines as West Ham fall to Everton defeat
- 6 Early front-runners for Leyton Orient managerial vacancy
- 7 Man hit by car in alleged Canning Town 'fight' dies from injuries
- 8 Fly-tippers dump loft insulation, building waste and sink on Wanstead Flats
- 9 West Ham defender Coufal frustrated with Everton defeat
- 10 We're down, but not out insists West Ham boss Moyes after Everton loss
During the London 2012 Games, Newsfax were forced to move some of their facilities to Rainham, Essex, where approximately 70 staff are based.
The Rainham branch also went into administration on September 25 with Allan Graham and Colin Haig from KPMG appointed joint administrators.
Allan Graham, restructuring partner at KPMG and joint administrator, said: “Unfortunately Newsfax International Limited has become a victim of the difficult environment faced by the printing industry, which faces over-capacity and tough pressure on pricing.
“The company has spent the past few months trying to find alternatives to save the business but these efforts have proved unsuccessful.
“The administrators are now reviewing the options for the business.”
Newsfax International Ltd has printed, transmitted, and distributed a number of newspapers since 1989 and administrators have confirmed most customers have now found alternative suppliers.