SFP, the nationwide insolvency practitioners, has been appointed Administrator to Rivers (Midlands) Limited after the printing company encountered financial difficulties.
The company, which specialises in label printing, is located in Newark, Nottinghamshire, and it employs 11 people and has an annual turnover of approximately £1million.
With the company having accrued debts of around £180,000 to creditors including Her Majesty’s Revenue and Customs (HMRC), SFP’s Daniel and Simon Plant – both licensed members of the Insolvency Practitioners’ Association – were appointed as Joint Administrators on 16th August 2011.
According to Simon Plant, Group Partner at SFP, Rivers (Midlands) Limited cited cash-flow difficulties as the main reason for its failure: “In order to survive present economic conditions, keeping a close eye on finances really must be the top priority for all businesses.
“In the case of Rivers (Midlands) Limited, we are currently engaged in discussions with interested parties and subsequently expect to make a sale of this printing firm as a going concern very soon,” he concluded.