One of the UK’s largest specialist printing firms, Bristol-based Folio Print Finishing, has been rescued by its directors in a deal that has secured the jobs of all its 40 employees.
David Robshaw and Andrew Bird bought the business in a pre-pack deal after it was forced into administration earlier this year following the collapse of two major customers. 
This left the Avonmouth firm, which specialised in print finishing such as binding, stitching and shrink wrapping, with insurmountable bad debts of £100,000 at a time when it was already struggling with other financial pressures.
In February insolvency advisory firm Begbies Traynor was engaged to assess the firm’s options.
Paul Wood and Neil Vinnicombe of Begbies Traynor were formally appointed as administrators earlier this month.
Paul Wood said the business had established itself as one of the largest businesses of its kind in the UK over the past three decades, serving a nationwide customer base.
But when two of its largest customers became insolvent it began to experience financial difficulties, he said.
This added to longstanding liabilities with HMRC and the rating authority and put the company in an “untenable position,” he added.
Folio Print Finishing was sold out of administration to ATB Folio Print & Packaging Solutions, a business owned by David Robshaw and Andrew Bird, in a pre-pack deal.
Paul Wood said: “With two major customers falling into insolvency, the company was put under significant financial pressure, and it was immediately evident that a pre-packaged sale was the most desirable outcome.
“This sale not only preserves the jobs of all 40 employees but should also enable a distribution to be made to some of the company’s creditors.”
Full details of the amount owed to Folio’s creditors or its assets have not been disclosed.
According to industry title Printweek, ATB Folio Print & Packaging Solutions was previously used by Folio’s directors to hold the assets used by both Folio and a second company Bristol Bespoke Boxes.
Andrew Bird told Printweek that recent investments by ATB in new machinery from its now defunct competitor UK Bookbinders and the relocation of Bristol Bespoke Boxes to its own premises, would help secure ATB’s future success.
