Jobs saved as printing firm rescued
Blackburn-based Lancashire Printing Co has been bought out of liquidation, safeguarding the jobs of its employees.
The 40-year-old company struggled after two of its key sectors, hospitality and office workers, were badly affected by the Covid-19 pandemic.
It has now been acquired by connected company, Lancashire Foil & Print.
Ian McCulloch and Mark Ranson of Opus Restructuring were appointed as joint liquidators on 24 June 2022. The sale was completed on the same day.
Ian McCulloch, partner at Opus, said: "Like many SMEs across the region, Lancashire Printing Co has struggled during the pandemic. Its customers are primarily made up of hospitality and office-based businesses, two of the worst affected sectors during the pandemic.
"Whilst orders are increasing, as the country returns to some form of normality post-pandemic, this was not enough to resolve the position and the directors sought financial advice.
"Having reviewed the position, we concluded a sale of the business was the best outcome for all parties. We are delighted to have been able to complete the sale thereby safeguarding jobs and ensuring continuity of supply from a long-standing and well-regarded business.”
The directors of Lancashire Foil & Print commented: "We are delighted to have bought the business and that we are able to provide continuity for employees and clients. We have worked for Lancashire Printing Co for over 30 years and will continue to offer our trusted service, and work with our clients to produce inspired modern print solutions.”
The liquidators were advised on the transaction by Jenny Burke of Forbes Solicitors.