Colorset U.V.I Limited has used a Pre-Pack Administration to rescue the business and save 35 jobs.
The Nottingham and London-based provider of large format and exhibition graphics found itself with financial difficulties resulting from an exceptional bad debt due to factors largely beyond its direct control. This meant that the business could not continue to trade.
The company sought advice from Clarke Bell, the Manchester-based Insolvency Practitioners who have recently opened office in central Nottingham.
All the options available to Colorset were considered and it was determined that a Pre-Pack Administration would provide the best outcome for the business, its staff, customers and creditors.
The Administrator, John Bell (pictured) of Clarke Bell, said of the outcome:
“In these days of rising unemployment, it is great that so many jobs were saved and a great business is able to continue trading.
And, with their new financing in place, the company is now stronger than ever.”
Tom Phelan, Director of Colorset said:
“We are very grateful for the help and support Clarke Bell gave us in this harrowing time, particularly John Bell and Toyah Collins who kept us in touch with all developments as they happened.
They made a very worrying time bearable.”