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CUMBERNAULD printers, the Ink Shop have been placed in receivership.
The firm who are based on the town’s Grayshill Road have been placed in receivership, with all staff now left redundant, it was announced today.
The move comes after the Scottish firm's managing director Stuart Mason described the previous two quarters as "six months of difficult trading", after the company made a bid to achieve a five-fold increase in profitability; focusing on high-margin work.
Anne Buchanan and James Stephen of BDO Stoy Hayward’s Glasgow office were appointed joint receivers on Thursday 4th April, it was announced.
The receivers now look after the firm’s £2.5m turnover, while the business’s 15 staff were laid off upon their appointment.
Despite the turnover, however, it is understood that BDO is not looking to sell the business, simply concentrating on realising the value of its assets.
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In a statement, managing director Stuart Mason said: "I fully accept that this happened on my watch. There have been a number of reasons why the business has suffered in recent months but again I accept this was my responsibility.
"The issues we had mainly related to margin and getting the right mix of margin and turnover, poor and underperforming equipment, franchising the business, and a general decline in print."
Almost exactly a year ago, Mason revealed that he was planning to cut around £750,000 of the then £3m firm’s "unprofitable revenue" to boost its profitability five-fold, including a £1.2m investment package of specialist printing resources.
According to Mason, however, the restructuring plans – although working didn’t work "quickly enough".
In a statement, Mason praised the support received from suppliers and the firm’s bank, understood to be Clydesdale Bank. However, he added that he was "devastated" by the impact the firm’s closure would have on Ink Shop’s workforce.
"My staff have all been long serving, hard-working and a dedicated part of the team. I am devastated that they now find themselves in this position," he said.
At its peak, the 20-year-old Ink Shop, welcomed sales of £3m and, in addition its Cumbernauld production hub, the firm had eight retail storefront operations across Scotland. And, in 2006, Mason unveiled plans to create a 200-strong franchise network throughout the UK, although the vision was later shelved.
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