Some 55 jobs have been lost at a Leicester print firm, which has closed due to a range of challenges including rising energy costs, and the impact of COVID-19.
Matthew Ingram and Steven Muncaster of Kroll Advisory, were appointed joint administrators of Streamline Press, John Baxter & Sons and Spectrum Printing Services – collectively known as SBS Group – on October 5.
The Joint Administrators say they reviewed what viable options were available for the business, which sits on Boston Road, Beaumont Leys. However, all three businesses have ceased to trade, and 55 employees have been made redundant. The companies have retained a small number of staff to assist the Joint Administrators with the wind-down of operations.
Matt Ingram, Joint Administrator said “The printing industry has experienced a difficult period during COVID-19. This, coupled with external economic factors including rising energy costs has resulted in significant cashflow pressures for the SBS Group. The Group was, unfortunately, unable to secure any further investment or a sale of the business.”
Streamline Press, Baxters and Spectrum had a combined 242 years of print experience. They were brought together under the SBS brand in November 2020.