Facility bosses believe the chances of Pepper Post emerging from insolvent liquidation as a going concern are “slim to none”, with rivals seemingly keen to take on kit and staff from the Soho facility.
The company’s 40-50 staff were locked out of the facility’s premises last week after parent company Future Film Group decided to exit the sector, citing market conditions.
Stephen Katz, of London-based insolvency firm David Rubin & Partners, said the likelihood of the facility surviving would not be known until a sales memorandum containing details of finances, clientele, order book, domains, IPR and work in progress had been sent to interested parties at the end of this week (17 June).
He declined to comment on which companies had expressed an interest in the facility, adding that a creditors’ meeting will take place on 29 June.
All post work at Pepper has ceased and the insolvency firm is attempting to pass on work in progress to other post facilities.
One facility source’s view was typical of execs in the sector. He said: “Pepper was busy and it had looked like it had started to turn things, but [despite the volume of work] I believe it was losing about £100,000 a month.”
Less than a year ago, Future Films pledged to invest £1m in Pepper after acquiring the business and assets of the Soho firm in a pre-pack administration deal.