Wed, 01 Feb 2017 | BUSINESS SALE
A family-owned magazine printer with 130 years’ experience has been put up for sale and filed for protection from creditors over the course of the sale process.
According to Print Week, Ashford, Kent-based Headley Brothers is not in administration but has filed a notice of intention to appoint an administrator, which places a moratorium on action by creditors.
Headley Brothers is a digital, sheet-fed and web printing firm employing around 190 people and serving 200 customers. For 2014 the firm posted sales of just under £19 million.
Steve Adshead from advisory firm Smith & Williamson, who is appointed to handle the sale, told Print Week the notice of intention had been filed to give the company “breathing space” while a buyer is found.
“The company has done a lot of restructuring over the past couple of years and is now in a much stronger trading position. But there was an overhang of historic debt that it was difficult to get out of,” he said.
“This is a good, well-established business with a strong customer base and we have already had a number of expressions of interest in it.”
Headley Brothers managing director Simon Bingham said: “We are actively looking for people who can invest in the business and take it forward. That is the preferred option.”
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