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The joint administrators of New Jarrold Printing Ltd have announced that due to
the loss of the largest customer, and the fact that potential buyers have
withdrawn, production is to cease at the Norwich plant.
The closure will result in the redundancy of all 286 remaining employees at the
company.
The company has suffered losses of approximately £2.9 million since its
inception in 2004.
The firm has continued to make losses since being placed into administration on
1 August despite the support of its customer base.
The loss of the largest customer makes continued trading impossible.
Stephen Oldfield, joint administrator at PricewaterhouseCoopers LLP, explained:
It is a sad day when the closure of any business is announced.
"It is particularly sad as there were a number of interested parties in the
final stages of due diligence and agreeing terms for new premises for the
business.
I would like to take this opportunity to thank the labour force and unions who
have worked hard throughout the administration to deliver a high quality service
and product and who agreed to a 20% pay cut on Friday 1 September in order to
help me in my efforts to sell the business.
Unfortunately, this is not enough to allow us to continue to operate and sell
the business and it is with regret that I have no other choice but to cease
operations as soon as the current work in progress is completed.
Source:
RedAlert
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