Jobs lost as Riverprint fails
The entire workforce of a Derby-based print marketing company has been made redundant after financial difficulties forced the business into administration.
FRP Advisory partners Chris Stirland and Nathan Jones were appointed joint administrators to Riverprint Derby Ltd on 7 November 2014. The company had been experiencing financial pressure due to difficulties in the print market.
A statement from administrators said Riverprint management had tried to turn the business around by cutting overheads, exploring new markets and seeking investment, but the efforts were unsuccessful.
All 16 members of staff were made redundant prior to the appointment of administrators, who ceased trading the business as a going concern.
Stirland said: "This family-run Derby business with a loyal customer base had explored all possible avenues to enable a turnaround of the business, but ultimately could not overcome the problems of competing within a difficult and shrinking print market under its current structure.
"Although several parties had expressed an interest in the business, a viable solution unfortunately could not be found prompting all of the Company’s staff to be made redundant."