Thu, 28 Apr 2016 | ADMINISTRATION
The UK’s largest independent printing group Polestar has entered administration after Daily Mail publisher DMG Media decided to end its contract with the company.
Polestar had been suffering with the decline of newspaper and magazine sales in the UK and cited cashflow problems and £100 million in outstanding debt among its main reasons for collapse. The Polestar group was seemingly rescued last month when it was purchased by Preventus Capital Partner. However, DMG Media has subsequently said that it would not being renewing its contract under the new owner.
Before entering administration on Wednesday 27 April, Polestar printed more than 50 million units per week, including magazines such as Hello!, Grazia, Cosmopolitan and the Radio Times.
The search is now on for potential buyers, with Zelf Hussain and Peter Dickens of PricewaterhouseCoopers (PwC) being appointed as joint administrators. Mr Hussain said: “We believe there is a strong underlying business within the group and we are focused on doing all we can to preserve value and maintain the business while we look to achieve a sale.
“We would welcome a dialogue with all interested parties and ask that suppliers and customers work with us to try to deliver a lasting solution for the business.”
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