Peterborough's family-owned Fisherprint faces voluntary administration and the loss of 31 jobs

A succession of financial blows from Covid-19 to soaring energy costs have taken their toll on a family-owned Peterborough printing business.

Fisherprint, in Padholme Road East, was created about 76 years ago but crises over four years have proved too much.

Now the firm’s boss says insolvency practitioners have been appointed to put the company into a Company Voluntary Administration and 31 staff have been made redundant after the firm ceased trading.

It comes even though directors took out large loans and considered relocation in a bid to save the business.

Miles Fisher, chief executive, said: “It is with enormous regret the directors and shareholders have had to appoint insolvency practitioners to put Fisherprint into a Company Voluntary Administration.

“The factors that brought about this situation are many and varied.

"Certainly Covid was initially responsible for a serious reduction in turnover that has never really fully recovered.

"We have also seen unprecedented increases in material and consumable costs over the last 12 months that has kept the market depressed.

"We then had a massive spike in electricity charges when our fixed rate utilities charge came to an end in November, increasing from circa £6,500 per month to £40,000 in December alone.

"And then finally we had a further 30 per cent rise in business rates.

Mr Fisher said: “During this time the Directors took out personal loans of hundreds of thousands of pounds believing the business could trade through the turmoil.

"Unfortunately, it became obvious the business was unsustainable given the enormity of these spiralling costs and the directors and shareholders made a decision to sell the freehold property and relocate to smaller but adequate premises.

"An exchange of contracts was arranged but unfortunately several deadlines for the exchange of contract have passed and we have had to make the desperately difficult decision to cease trading as of 14th July 2023.

"I am extremely sorry for the 31 employees that have been made redundant.

"They are a very talented group of individuals and I’m sure there will be plenty of companies that will be delighted to offer them alternative employment.”

TLC Signs operates from the same site and continues to trade as normal.