Newspaper printer Newsfax has been placed into administration after attempts to find alternative ways to save the business were “unsuccessful”.
The company, which has printed a number of national newspapers, including the Metro, City AM and international titles such as the Wall Street Journal, currently has around 100 members of staff.
Dean Whitehead, father of the Newsfax union chapel, said: “I went to work last night at 6pm and that’s when we found out. Administration was triggered officially at about 4pm, I think.”
Auditor KPMG was yesterday appointed administrator of Newsfax International Limited – which employs around 70 people in Rainham, Essex.
Allan Graham, joint administrator and restructuring partner, said: “Unfortunately Newsfax International Limited has become a victim of the difficult environment faced by the printing industry, which faces over-capacity and tough pressure on pricing.
“The company has spent the past few months trying to find alternatives to save the business but these efforts have proved unsuccessful. The administrators are now reviewing the options for the business.”
The statement also confirmed that “most customers” - including the Metro and City AM, Press Gazette understands - have now found alternative suppliers.
Separately, administrators from BDO have been appointed to related printing company Newsfax (Bow) Limited, where 30 Newsfax staff are employed.