Andrew Watling and Carl Jackson, partners at corporate restructuring, insolvency and business advisory firm Quantuma, have been appointed as joint administrators to digital print specialist NXP Europe Ltd and have found a buyer for the company within 24 hours, saving all 30 jobs
NXP Europe, which prints everything from business stationery to outdoor signage from its base in Tunbridge Wells, has been sold as a going concern to VR Print Ltd, a digital print specialist company based locally.
Founded in 2002, NXP Europe went into administration after bad debts of around £131,000 resulted in a reduction of funding, with increased pressure from a major creditor putting further strain on cashflows. It had also faced challenging general trading conditions in 2017.
Andrew Watling. Quantuma partner and joint administrator, said: ‘NXP Europe had faced bad debts, but it was a fundamentally good business which was capable of being rescued.
‘Prior to administration, the company’s directors attempted to recover but when increased pressure from a major creditor started to hit cashflows we were called in as joint administrators.
‘We were able to accept the best offer and complete a sale shortly after our appointment, resulting in 30 jobs being saved.’
