Former director Gavin Page owed Manchester Printers Ltd more than £300,000 via an employee loan account according to documents relating to the firm’s liquidation, which also detail a complex web of intercompany loans and debts.

The statement of affairs filed by liquidators from KBL Advisory shows that Manchester Printers Ltd has a total estimated deficiency of £726,012.

The firm was placed into creditors’ voluntary liquidation on 18 April.

Parent Manchester Printers Group Ltd went the same way on 15 May. It has a total estimated deficiency of £578,466.

Page was previously a director of both companies but had to resign in September 2019 when he was disqualified from being a director for three-and-a-half years due to his conduct at a prior business, Encore Catalogue Group Ltd.

His ban expired on 29 March.

Page owed Manchester Printers Ltd £304,877 via an ‘employee loan account’ with recovery described as “uncertain” in the SoA.

Sole director Sarah Pinkney owed the business £29,239 via a director’s loan account, also described as uncertain regarding recovery.

The amount loaned to Page is the largest single sum on the report.

Manchester Printers Ltd is also owed £22,288 by Signature Printing, via an intercompany loan.

The report also lists outstanding intercompany loans that it owes to other companies in the group of £286,140 – including £107,420 due to parent Manchester Printers Group Ltd – while trade creditors are owed £130,533.

HMRC is owed £181,101 in PAYE and VAT, and the business also had an outstanding CBILS loan of £69,898 via HSBC.

Separately, the statement of affairs for Manchester Printers Group lists £379,692 of intercompany loans in its uncharged assets, with a likely recovery of nil.

This includes £108,875 owed by MCR Printers; £76,750 by Signature Printing; £32,092 by Allenco; and amounts totalling £161,975 owed by holding companies MPG SPV 6 (£53,525); MPG SPV 7 (£85,900); MPG SPV 8 (£12,800) and MPG SPV 9 (£9,750).

Its creditors list includes yet more intercompany loans owed to other group subsidiaries, with the now defunct Deanprint owed £243,016; HCM (Commercial Printers) which is in liquidation owed £29,900; the former Jameson Print Finishers owed £77,068; and Chelma Graphics £10,739.

Both Jameson and Chelma Graphics have been rescued by their former owners.

Amanda Harding, one of the original co-founders of the Chelma Graphics business, bought the Chester-based business back from Manchester Printers Group in March in a solvent sale.

The business and assets of Jameson Print Finishers were acquired by its former owner Michael Berry after Richard Cole and Steve Kenny from KBL Advisory were appointed as administrators, also in March.

Berry has set up a new company, Jameson Print Finishers North West. 

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