Taylor Bloxham Group, the long-established, Leicester-based, group of print businesses, has entered administration.
John Lowe and Ben Woolrych, partners at specialist business advisory firm FRP, were appointed as joint administrators on 6th February 2020.
Taylor Bloxham Group is made up of four divisions: Taylor Bloxham, which provides printing solutions to a wide range of businesses; Instore, which specialises in Point of Sale design and installation; FastAnt, a storage, fulfilment and e-commerce division; and Mailbox which delivers direct mail solutions for clients.
The company has suffered severe cashflow pressures, which had become unsustainable in recent months following a period of losses and a tightening of supplier terms.
FRP had been working with the directors of the company on an accelerated sale process with the aim of securing a sale for the entire business and had received interest from several parties. However, an appropriate offer was only received for the Mailbox division for which a sale has been completed, protecting 21 jobs.
The remaining divisions of the business have closed, making 150 employees redundant. The joint administrators will now focus on maximising returns for creditors through selling the remaining assets of the business and providing support for all affected employees.
Joint administrator John Lowe said: “Taylor Bloxham has been a part of the Leicester business community for over 80 years but, despite the best efforts of the management team, has been forced to close with immediate effect.
“While we are pleased to have been able to safeguard 21 jobs through the sale of the Mailbox division of the company, the closure of the rest of the business has resulted in 150 people being made redundant. We will work with the Redundancy Payments Service to provide support at what we know will be a difficult time for all those affected.”