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June 4, 2018updated 01 Jun 2018 3:33pm

Close, Amicus, Leumi lessee goes bust with £4m outstanding

A debtor to Close Brothers Asset Finance, Leumi ABL and Amicus Asset Finance has gone into administration with a total of around £4m (€4.5m) in total owed to the three lenders.

By Lorenzo Migliorato

A debtor to Close Brothers Asset Finance, Leumi ABL and Amicus Asset Finance has gone into administration with around £4m (€4.5m) in total owed to the three lenders.

Oxfordshire-based printing firm Henry Stone owes £2.9m to Close Brothers, which had provided hire purchase for most of the firm’s printing equipment.

The company’s debt also includes £315,000 to Amicus, secured on a Stahl-brand folder, and £835,000 to Leumi ABL, the firm’s factoring provider.

Henry Stone’s assets are expected to realise £2.1m for Close, £125,000 for Amicus and £1m for Leumi.

Close Brothers is owed £2.5m by another collapsed printing firm, Stones Ashford, which shared a director with Henry Stone.

Repayments to lessors will take precedence over unsecured debt, which the administrators said will likely go unpaid.

Henry Stone went into administration after Leumi withdrew factoring support, leaving it with a need for “significant short-term financing” which it was unable to secure, according to administrators FRP Advisory.

An unnamed party subsequently entered talks to buy the printing business, but was unable to agree terms with Close Brothers to acquire assets under hire purchase.

The administrators said they were liaising with Leumi regarding collection of outstanding invoices to Henry Stone, with Leumi providing an initial £20,000 to assist with related expenses. FRP said collections would cover the amount oustanding to Leumi in full.

Henry Stone had been in operation since 2016, after acquiring the assets of another failed printing business, Polestar Print UK (formerly Prospect Bidco).

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