A CHAPMAN way print fi rm has been saved from folding after administrators implemented a successful rescue package – helping to secure 30 jobs in the process.
NXP Europe Ltd, which prints everything from business stationery to outdoor signage from its base in Tunbridge Wells, was rescued by London-based corporate restructuring company Quantuma just 24 hours after they were appointed on July 21. It was sold as a going concern to VR Print Ltd, a digital print specialist company based in Tonbridge.
NXP Europe went into administration after bad debts of around £131,000 resulted in a reduction of funding, with increased pressure from a major creditor putting further strain on cashfl ows. It had also faced challenging general trading conditions in 2017.
Quantuma administrators Andrew Watling and Carl Jackson handled the case. Mr Watling (pictured) explained: “NXP Europe had faced bad debts, but it was a fundamentally good business which was capable of being rescued.
“Prior to administration, the company’s directors attempted to recover but when increased pressure from a major creditor started to hit cashfl ows we were called in as joint administrators.
“We were able to accept the best offer and complete a sale shortly after our appointment,
resulting in 30 jobs being saved.”
