Harris Lipman News

Harris Lipman appointed administrators of Olwen Direct Marketing Services

24/06/2006

OLWEN DIRECT MARKETING SERVICES IN ADMINISTRATION

Barry Lewis and Freddy Khalastchi of London based chartered accountants and licensed insolvency practitioners Harris Lipman have been appointed as joint administrators of Olwen Direct Marketing Services (Croydon) Limited with immediate effect.

The print, direct mail and response management company will close immediately following unsustainable losses.

Barry Lewis comments: "It is with regret that we announce the administration of Olwen Direct Marketing Services and the loss of all one hundred and thirty jobs at the company's premises in Stafford Road, Croydon.

"The business had been acquired by direct marketing leaders Howitt Limited in October 2005 and the new board was confident it could return the business to profitability. However despite refinancing and redundancies the losses continued, partly due to a lack of investment by previous owners and high overheads. The position of all creditors has been protected."

A number of the machines owned by Olwen have been sold and certain work in progress handled by the business have been taken on by Howitt and moved to their Nottingham plant. The administrators are now looking to dispose of remaining assets in order to make a significant return to preferential and unsecured creditors including any claims made by employees.

For more information please contact Harris Lipman on 020 8446 9000.

 

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