Lumejet enters administration
Digital print specialist LumeJet has entered into insolvency proceedings as it looks for an immediate buyer, it has been revealed.
Tuesday, 01 Sep 2015 14:58 GMT
nnovative photonic print manufacturer Lumejet has entered administration
Just a year ago, the company was part of a showcase of ‘the ten most
promising digital companies in the UK’ at number ten Downing Street,
followed by a reported surge in interest for its photonic technology. It
started a crowdfunding scheme shortly after, which successfully raised
more than £1.5m, the first instance of a digital print manufacturer
achieving this.
Just a year ago, the company was part of a showcase of ‘the ten most
promising digital companies in the UK’ at number ten Downing Street”
The business was in the process of developing the LumeBar, which was to
be used for ‘very high speed printing, patterning of plastic
electronics, and the development of exciting possibilities in the
packaging markets’.
Between March 12th and May 9th this year, four of the firm’s
directors resigned, including CEO Paul Anson and commercial director
Miles Bentley.
For companies that have invested in Lumejet, the consequences are
irrevocable. “For a machine that is very expensive, we’ve got no method
of using it,” says Dave Duhig, managing director of TG Print and Design,
which purchased a Lumejet S200.
The minute it breaks, that’s it, we can’t use it anymore. We’ve got
£170,000 worth of equipment sitting in the corner which we now can’t use”
“The minute it breaks, that’s it, we can’t use it anymore. We’ve got
£170,000 worth of equipment sitting in the corner which we now can’t
use. We’ve still got payments on it.
"We invested in a solution to get it to market via the internet which
is now a waste of money so that’s another £50,000 to £60,000 stacked up
against it, and a bought a Mitamax to deal with the flat book stuff
which is fairly redundant without the Lumejet as well. So it’s piled
on.”
However significant the costs, Duhig is staying positive. He adds: “I
have to be optimistic and pragmatic about it and see if there is a
solution somewhere.”
PKF Cooper Parry have now been appointed as administrators to Lumejet Ltd and Lumejet Holdings Ltd.
“This is a difficult situation, as substantial sums have been
invested in developing this technology, and working machines have been
sold and are already with customers,” says Nick Edwards, director at PKF
Cooper Parry.
“We have started the process of looking for potential buyers for the
business. Anyone who is interested in purchasing the business, should
contact us as soon as possible.”
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