Manchester sheetfeed and web printer G&H – which has clients including Lakeland, Regatta and Manchester City and Manchester United football clubs – has filed a notice of intention to appoint administrators.
The company, which was established in 1969, has sought protection from its creditors after suffering a six-figure bad debt.
Managing Director Dave Hatton told PrintWeek: “We felt that we had no alternative but to file a notice of intention to provide protection whilst we seek a buyer for the business.
“I can confirm that the business is not in administration and we are continuing to operate during this time.”
G&H operates from two sites in Manchester and four years ago embarked on a major investment programme.
Sales were £11.9m for the year to 30 June 2017 and it employed 71 staff. It made an operating profit of almost £1.5m on continuing operations, but filed an operating loss of £1.28m on discontinued operations. Pre-tax profits were £57,106, although in the previous year the business posted a bottom-line loss of £791,899.
The directors subsequently loaned the company £750,000 from their pension scheme.
