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TLC Finishing equipment up for sale

Tuesday, 21 October 2014
By Patrick Howard

Conflicting versions as to who owns what in the equipment line-up of the failed company are muddying the waters with competing interests between the administrator, Cor Cordis, and Michael Smith of Perfectly Bound making any realisation of assets very difficult.

Since Michael Smith put up his hand for the equipment from failed finishing company, TLC Finishing, he has faced a tortuous trail in getting finance in place to buy for all the kit. According to sources, he has secured ownership of over half of the major pieces of finishing equipment but has run short of finance for the others.

However, Cor Cordis, the administrator, has now set a date for the auction, by Hymans on Monday 10 November, and is listing all of the equipment, including the items Smith is supposed to have bought.

To complicate matters further, the landlord of the locked premises is also owed and there is also debtor factoring over the whole company.

Meanwhile, other finishing companies are circling with intent, keen to get their hands on whatever equipment is available. … laminators, spot UV machines etc.

It’s now almost 90 days since Samantha Rogers, ceased trading TLC Finishing and she says most creditors have been very good about fulfilling their accounts. She makes the point that she will receive none of the money.

The complicated financial structure of TLC Finishing is not atypical for the printing industry but it surely makes it difficult for buyers to raise finance when they need to. Michael Smith may still be in the hunt but said ‘no comment’ when contacted yesterday.

 

 

 

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