Print and design business Ethedo Press has closed its doors and gone into administration; however a continuation of the business appears to be in the offing.
Chris Stevens and Ian Vickers of FRP Advisory were appointed as administrators on 12 April.
According to an official statement from the administrator it was not viable to trade the £1.4m turnover company so all 14 employees were made redundant and it ceased to operate on the day of appointment.
However the statement added: "Certain company assets were sold to Ethedo Digital on 27 April 2011."
Ethedo Digital, which changed its name to Media Ace yesterday (4 May), was formed on 23 April. Charles Lunt and Richard Ethell were appointed as directors the same day. Lunt was director of Ethedo Press, while Ethell was company secretary and also a shareholder at Ethedo Press until it went into administration.
PrintWeek has seen the creditors' report, dated 20 April. It states that Ethedo Digital's offer, which was for plant and machinery, seller's record stock, customer contacts, domain name and telephone numbers, was for £15,000, which the administrator said was above the £11,200 valuation of the business as a going concern and the £6,300 break-up value.
The administrator's report stated: "I am conscious of the fact that an interested party continuing to service the customer base will enhance the realisation from the debtor ledger. The reason behind this is that the interested party will be providing continuity to the customer base that is likely to ensure an enhanced realisation."
Lunt was brought into the business in 2010 to turn the business around. Although he has been appointed as a director of the new company the administrator said: "I am led to believe that Lunt has assisted the sales manager (Ethell) in putting together the offer but will not be involved in the management of Ethedo Digital ongoing".
The report indicates that Ethedo Press had trade creditor debts totalling £300,000, the two main creditors were paper companies owed a total of £120,000, while an additional £40,000 was owed to HRMC.
Ethedo Press's phone number is not currently working and no other contact details for Ethedo Digital or Media Ace has been found. | 
