Introduction:
In the midst of an unforeseen decline in skilled workforce availability in Dundee, Tradeprint, a company specialising in printing services, found itself in a unique situation. Tradeprint, located on the same industrial estate as Tayprint, a fellow printing company, witnessed the sudden liquidation of Tayprint due to financial difficulties exacerbated by the pandemic. This case study explores how Tradeprint swiftly adapted to this unexpected turn of events, capitalised on opportunities for growth, and contributed to preserving a skilled workforce in the community.
Background:
Dundee, a city with a rich industrial history, had been grappling with a decline in the availability of skilled workers in the printing industry. The closure of Tayprint, a long-standing player in the local printing scene, posed both challenges and opportunities for Tradeprint.
Objectives:
- To analyse the circumstances surrounding Tayprint’ s liquidation.
- To examine Tradeprint’s rapid response and acquisition of Tayprint’s assets.
- To evaluate the impact of this acquisition on Tradeprint’s growth strategy.
- To assess Tradeprint’s role in retaining a skilled workforce in the area.
Methodology:
This case study relies on information gathered from interviews with Anthony Rowell, Sales, and Customer Success Director – Sustainability Lead at Tradeprint, and reports from liquidators Ken Pattullo and Kenny Craig of Begbies Traynor. It also draws from industry data and news sources at the time.
The Unexpected Liquidation:
Tradeprint learned of Tayprint’s liquidation shortly after the appointment of provisional liquidators in late August. This development was unexpected, as it was not a pre-pack liquidation, and it had significant implications for the local community.
The risk was two-fold – we had a considerable amount of work in progress being fulfilled by Tayprint so we moved quickly to flex our contingency plans into our existing network and added more fulfillers as well as leaning on the other Cimpress businesses to support us while we did our due diligence.
Covid had been an awful experience and had forced us to make redundancies so we could recover – the big concern for us was recruitment and many of the casualties of redundancy had left the trade. We had an opportunity to protect jobs in our sector and grab an opportunity to help a loyal supplier out of a challenging situation.
Tradeprint’s Response:
Tradeprint swiftly seized the opportunity presented by Tayprint’s liquidation. We acquired Tayprint’s Order Book, website domain, took out a lease to secure space and went on to acquire some of its wide-format printing equipment. This strategic move aligned with Tradeprint’s existing plans to expand its large format printing capabilities, demonstrating adaptability in response to market dynamics.
Preserving a Skilled Workforce:
In addition to assets, Tradeprint hired 17 key members of Tayprint’s original workforce, who possessed a wealth of skills, knowledge and experience. This acquisition allowed Tradeprint to maintain and in many cases enhance its wide-format printing capabilities while filling positions left vacant since the pandemic. Tradeprint appreciated the high quality and versatility of these new employees, who possessed expertise across various aspects of the printing process. Their input has proved invaluable driving continuous product category growth for Tradeprint.
Customer and Community Response:
Tradeprint, in conjunction with the key Tayprint sales personnel, reached out to Tayprint’s customer base to maintain relationships. The response from these customers was exceptionally supportive, reflecting the community’s appreciation for Tayprint as well as genuine excitement as a wider catalogue of products, with keen price points, was opened up to them.
Conclusion:
Tradeprint’s proactive response to the decline in skilled workforce availability in Dundee through the acquisition of Tayprint’s assets and the retention of its skilled employees not only safeguards its own growth but also contributes to the preservation of a valuable resource in the community. This case study underscores the importance of adaptability and strategic thinking in seizing unexpected opportunities for expansion. Tradeprint’s actions serve as an example of how companies can navigate challenges and continue to thrive in evolving markets by working together.
One year on we have managed to retain 15 of the 17 employees and over 95% of the Tayprint customer base and have grown the range of products they buy. We have just completed a move into one building, added automation to over 90% of the products we brought over and added new products like Bill-Board Posters to our website. We have continued to invest in Dye-Sublimation, extra cutting capacity with a new Zund cutting table as well as a myriad of ancillary finishing equipment and a significant investment in MIS Software. We have also started our journey to eliminate problematic plastics by introducing PVC Free products as a direct replacement of PVC products.
Opportunities for support & Growth
With newly acquired floorspace and an aggressive hiring plan, Tradeprint is looking for further opportunities to grow by working with Businesses facing financial difficulties or considering liquidation due to economic challenges, such as declining revenue or mounting debts that could benefit from Tradeprint providing print fulfilment to mitigate risk in losing their existing customers.
Companies with underutilised printing equipment or machinery, which may be draining resources without generating sufficient revenue, can explore the option of disposing of these assets and utilising Tradeprint’s manufacturing capability and robust API integration to help streamline a business’s operations.
Businesses’ planning strategic restructuring, downsizing, or focusing on core operations can consider Tradeprint as a partner for manufacturing. By divesting non-core assets, they can free up resources for essential activities and leverage Tradeprint’s capabilities to continue serving their customers without interruption.
If this case study resonates with you and you’d like a confidential discussion about a potential opportunity or collaboration, please contact Anth arowell@tradeprint.co.uk or call him on 07375 669019
