Loughborough company files notice to appoint administrator
According to the AIM-listed owner CEPS, SDM filed the noticed despite having secured new investment in the last two years. The direct mail specialist was on track to grow its letter and paper segment, to perhaps even overtake the polywrap part of its business by 2019.
CEPS, which is the holding company that manages a number of industrial firms, stated that the combination of environmental issues and GDPR is “more than SDM can stand in its current form.”
It added that business had reduced significantly for its expected “golden period” of August to November, with management noting that it would possibly need extra investment to advance further.
In lieu of its current fiscal situation, Moorfields Advisory has been invited to advise SDM of its future options, and has suggested an accelerated marketing programme with the intention of pushing sales whilst SDM arranges to affirm an administrator.
A court-approved NOI has also been obtained to protect the company from creditors to allow normal trading operations alongside being put up for sale.
The sale of SDM’s business and assets will be finalised once administrators have been selected.
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