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spicer hallfield in administration

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This is very sad news yet again for the photographic industry and does not bode well for us lesser mortals looking to expand or fund our business models.

UK-based wedding album and portrait mounts company Spicer Hallfield has appointed administrators after being hit by the financial crisis

The business is now looking for an acquirer, says owner Mike Smith. The worldwide banking crisis has created critical financial challenges for the company. The board has been involved in ongoing and intense discussions with the company’s bank, RBS, to obtain funding to secure the company’s future.

However, despite offering further injection of shareholder investment we have unfortunately been unable to reach agreement with the bank on additional lending facilities. Sadly, in these circumstances the directors have no option other than to appoint administrators to find a buyer – in the meantime it is business as can normally be expected under these circumstances.’

The company’s CEO John Wyatt is currently working with MCR, the appointed administrators, to keep the business running day to day during the search for a new buyer.

We are working flat out to find a solution to this problem, says Wyatt. We are mindful of the extremely negative impact this is having on both staff and distributors and we are doing everything in our power to find ways to both save jobs and the legacy company that is Spicer Hallfield.

He adds that the job of the administrators is to secure the best outcome it can to ensure the future of the company and I am confident that there a number of viable solutions. Whatever the outcome, I am sure there will be an ongoing business to serve our customers and to save as many jobs as possible.

Spicer Hallfield has been working for months to implement a move of its Bucks factory production lines to the company’s sister site in Bradford. The firm was planning to maintain head office and support staff locally in the Haddenham area.

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A worry here, is the mention of the RBS On Radio 2 to-day Brown was going on, to how much the RBS will relax OD and loans....

The photo album (Pro) is a changing market, and hence less products sold. But, I hope they can get a solution, to bail out and survive.

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