The demise of three of YM Group’s print factories has been charted by the trade website and magazine Printweek with the comments from readers giving an added insight into the thoughts of those in the industry, writes Harry Mottram.
The publications reporter Jo Francis has kept readers informed during the slow car crash of the company from its securing of the Daily Mail contract last year to its collapse this spring. ICSM has echoed the news of the decline and fall due to having a large number of print and allied trades as members. The reasons for their joining the credit intelligence group is to avoid the fate of some of the suppliers of YM who have been left unpaid.
There is considerable anger across the industry in the way the YM Group was managed or rather mismanaged and in particular the manner of the collapse leaving workers unpaid and there was praise for Printweek’s coverage of the story.
Jo Francis reported: “FRP was appointed at YM Chantry, York Mailing, and Pindar Scarborough today (31 March). Around 600 jobs are on the line at the factories, based on YM’s most recent accounts, for the year ending 31 May 2020.”
The trade publication explained that YM’s backer Pricoa had refrained from bailing out the group resulting in workers left high and dry and a string of suppliers left unpaid. There was considerable anger over the way the workforce and suppliers were left in the dark about the potential collapse with suppliers receiving orders for goods when the company was insolvent.
One commentator under the name of johannesgutenberg on Printweek’s website said: “Strictly speaking, if the company is insolvent and it can be proved, the company should not be trading. Criminal charges can be brought.” The same writer noted: “In all honesty, like with so many other company groups in the past, the management were never there to make a go of the business. Only there to make a killing on large salaries, expense accounts and pilfer whatever they can before the game is up.”
Ian Carrotte of ICSM said there were similarities to the collapse of Polestar where the collapsed group left huge debts. He said suppliers must be cautious when receiving orders from a firm that is rumoured to be in trouble with evidence of County Court Judgements registered against a company. Another give away he said was taking a careful look at a firm’s published accounts where a long term trend can be spotted such as a year on year fall in profits and turn-over.
About ICSM Credit
ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.
For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.email@example.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.
To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.firstname.lastname@example.org
For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk