Job losses as Wakefield print firm ceases trading

Trade publication Printweek said YM Group filed Notices of Intention (NOI) at the High Court on Friday, March 25 to appoint administrators for its subsidiaries YM Chantry Ltd in Wakefield, Pindar (Scarborough) Ltd in Eastfield and York Mailing Ltd in York.

FRP Advisory has been appointed as administrators. The three companies are all part of the YM Group.

All operations at the sites have ceased and all of the company's staff have been sent home and made redundant.

In a statement, the administrators said the decision followed a "significant period of challenging trading that had been exacerbated by the impact of the pandemic" and rising costs.

YM Group had sought to sell the three firms, however FRP said without the "prospect of investment or a sale" the companies had ceased to operate.

Without the prospect of an investor or a sale, the three companies have ceased to operate and the majority of its 512 staff have been made redundant with a small number retained to assist administrators.

An accelerated marketing process in recent weeks failed to secure a buyer, the administrators said.

Phil Pierce, partner at FRP Advisory, said: "This has been an incredibly challenging period for the printing sector and York Mailing, YM Chantry and Pindar are no longer able to continue trading.

"Regrettably, the insolvency has led to redundancies at what we know will be an extremely difficult time. We will work with staff to access redundancy support."