ICSM Printing Industry Insolvency News: Adco shock collapse; Vanacomm workers unpaid after administration; and newspaper industry’s decline continues despite World Cup boost
By Harry Mottram: The World Cup has been welcomed by not just the hospitality industry but the printing industry as newspaper supplements, football magazines, wall charts and TV listing publications see a boost in sales. Writing for the trade publication Print Week Jo Francis explained that Marks & Spencer were offering an official England sticker collection in partnership with firm Panini, while ‘a number of news brands also teamed with Panini to offer free World Cup stickers.’
She reported on Jon Hearnden, group sales director at Walstead Group, who said the firm had been involved in producing a variety of additional products associated with the tournament. Ian Carrotte of ICSM who have a large number of print firms and print trade groups as members said it was a welcome boost for the printing industry and allied trades. He said: “If the home nations have a good run in the World Cup then not only will there be more newspapers and magazines sold but related promotions and point of sale items will have a longer life and success will give business in general the feel good factor.”
Aside from the World Cup newspapers have continued to see circulations fall. In the latest ABC figures published in the Press Gazette with the Sunday People seeing the largest decline dropping 25% year on year. Other newspapers saw double digit drops in the previous 12 months with The Sunday Mirror, the Sunday Express and Sunday Mail all down in the region of 20%. Hundreds of newspapers have closed in recent years as circulations became so low and advertising revenue all but gone that they become unsustainable.
Adco products
The Glossop based promotion print product firm Adco Products has gone bust. Jo Francis in Print Week reported that no orders would be honoured after June 12th, leaving customers in the lurch. There is also a doubt over whether unsecured suppliers would have their invoices paid. On the firm’s Facebook page the company wrote: “We are writing to inform you that Adco Products Limited has entered into administration. As of this date, the directors no longer have control of the business, and all matters relating to the company are being handled by the appointed administrators Steve Kenny / Melissa Smithers of KBL Advisory.”
Vanacomm
The Yorkshire based web and sheetfed printing firm Vanacomm in Wath upon Dearne that went out of business in April has failed to pay the staff wages with also doubts over pension contributions. The company’s shareholders stated at the time: “The company is not entering into any form of liquidation and with wages paid up to date to the end of last week, we will continue to collect out the book debts with the intention of paying out all creditors.” Print Week’s Jo Francis reported: “According to filings at Companies House, Vanacomm’s majority shareholders are Victoria Bland, who is the wife of its former owner Paul Mursell, and Riaktor Ltd, which is controlled by Sharon Katanka, Lilja Katanka and Jakob Katanka Kaye. Bland became the firm’s sole director on 31 March. Vanacomm employees were originally told they would be paid on 1 June. On that date they received a generic email stating that payment needed to be deferred until mid-June.”
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