Telford print firm closes with loss of almost 40 jobs
Forty jobs have been lost after an historic printing firm in Telford shut, it was announced today.
Graphics and Print was plunged into administration following the loss of a major contract, which led to "serious cash flow issues".
The plant, at the Hortonwood Industrial Estate, was closed today and a notice from administrators pinned in the door.
Financial firm Baker Tilly has been given the job of retrieving assets from the firm and attempting to find a buyer.
It means 39 jobs have been lost with staff sent home on Wednesday night.
Baker Tilly director Jill Sandford said: "The loss of a major contract and the associated cash flow implications meant that administration was necessary in order to protect the remaining assets for the benefit of creditors.
"Regrettably, we have had to make 39 staff redundant and our specialist employee team has been assisting them to make claims for redundancy."
The administrators have already received inquiries on buying the remaining assets in the design agency and commercial printer.
Graphics and Print, previously based on Telford's Stafford Park, moved to Hortonwood last year. The company base is one of the first that can be seen by visitors to the estate, facing the interchange at Trench Lock.
Last year it acquired part of the sales ledger and took on a number of staff from another long-established local print business, Taws, in a move designed grow its turnover to more than £4.8 million this year.
Taws, which is registered to an office in Shrewsbury, has not gone out of business and retains a number of its long-term clients from before the deal was done.
