Following its failed company voluntary arrangement (CVA) production and fulfilment solutions provider Synergie Group has entered administration
Daniel and Simon Plant of SFP have been appointed joint administrators of the Basingstoke-based company. It was formed by the acquisition of digital print business Web2Print and made a number of acquisitions between 2007 and 2010 to expand the business. It offered a range of services such as design, marketing, print, packaging, media, storage, direct mail, data management and promotional goods production. The company also had sites in Lymington, Newbury, Plymouth and Solihill.
Simon Plant, group partner said, ‘The print industry has been in continual decline in recent years. This is partly due to the current economic climate but also due to substantial competition from Eastern Europe and the Far East as well as an increase in online usage. Unfortunately, Synergie Group plc experienced the additional effects of a number of customers struggling to pay its debts as they fell due. We have successfully negotiated a sale of certain parts of the business and buyers for the remaining tangible assets are being sought.’
