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The Print Factory's net current liabilities have reached more than £10 million, putting the commercial printing firm on the edge of insolvency, it has been revealed.
The group, based in Northampton, is trying to secure its future with creditors after Companies House received its accounts following an 18-month delay.
They showed that in the year end to June 30, 2008, the company made a net loss of £188,000, compared to a £1.2 million profit the previous year. Last year it secured a pre-tax profit of £238,000 on a turnover of £65.7 million compared to a £2.2 million pre-tax profit on a £68.9 million turnover in 2007.
TPF blamed the sharp decline on "substantial restructuring costs" after Wace and NPM closed, with net current liabilities reaching £1.8 million by the end of June last year.
Since then, it is thought the loss of its Sky account and extra restructuring costs left net current liabilities to reach an unaudited £10.2 million, including "significant arrears" owed to HM Revenue & Customs of a rumoured £1 million.
In its financial statement notes, TPF said: "There can be no certainty over the outcome of these matters, the successful realisation of all of which is required for the group to meet its liabilities as they fall due."
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