Peele Print (North) has been placed into creditors' voluntary liquidation after the company "continued to lose money" and suffer from a lack of business.

Simon Lundy and Andrew Haslam, of Begbies Traynor's Newcastle branch, were appointed joint liquidators at the print broker on 4 September.

The liquidation is the second the company has undergone in the past year. Peele Print (North East) went under on 19 December last year with both the assets and goodwill purchased by Peele Print (North).

The deal saw the company move from its Swan Industrial Estate site to a residential address in Gateshead in a bid to cut overhead costs.

A sustained period of low turnover levels and a lack of working capital ultimately paved the way for the company's demise.

Simon Lundy, joint administrator at Begbies Traynor, said: "The company wasn't getting enough work in. This coupled with it continuing to lose money meant the business could not be maintained."

The closure leaves two staff redundant.



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