Start-up printer Four Four Two has gone into voluntary liquidation after being hit for more than £50,000 from a bad debt earlier this year.

Insolvency practitioner Ideal Corporate Solutions was appointed last Tuesday (26 August).

Gillingham, Dorset-based Four Four Two's 12 staff were informed of their redundancy the Friday prior to the liquidation.

According to Ideal Corporate Solutions' Kevin Lucas, a meeting of creditors is initially scheduled for next Thursday (1 September) in Southampton.

However, he added that the meeting may have to be moved as there were issues getting hold of the company's records from the accountants.

He said: "We have no plans to sell the assets of the company, because at this point there doesn't appear to be any value to be sold. We will be looking to realise whatever value there is at the company."

According to director Gareth Jones, the new start-up, which is just over a year old, was on target to record a turnover of just over £1m in its first year.

He said: "We were victims of our own success, we got too big too quickly. We took a big hit in June, then when we faced a quiet August we didn't have the cashflow to support it. I personally am gutted."

Jones added that he did not plan to start the company up again.

Christchurch, Dorset-based printer 4 Four 2, from whom Jones bought the assets that became Four Four Two, is unaffected.



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