Photographic album maker Spicer Hallfield has called in administrators, its future scuppered by the ‘worldwide banking crisis’, says its owner after talks with RBS bank fail.
The 40-year-old firm makes image presentation products for wedding and portrait photographers.
Mike Smith, owner of the Buckinghamshire-based business, said today: ‘The worldwide banking crisis has created 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.’
Smith added: ‘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.’