Fri, 16 Feb 2024 | BUSINESS SALE
Wincanton Digital Print Limited, a Somerset printing firm, has been sold out of administration in a pre-pack acquisition. The Salisbury-based company fell into administration earlier this month, with Andrew Hook and Julie Palmer of Begbies Traynor appointed as joint administrators.
The company had been trading for more than 40 years and was a specialist in digital, litho, large format and prepress print. It fell into administration after struggling, like many printing companies, with challenging trading conditions over recent years.
The firm had previously entered administration after being forced to cease trading as a result of government restrictions during the COVID-19 pandemic in 2020, before resuming operations after a rescue deal was agreed.
However, more recently, the company has suffered a downturn in sales, while soaring interest rates impacted its debt. This forced the company’s directors to once again seek insolvency advice, with joint administrator Andrew Hook saying the decision to seek advice early had been crucial in securing a rescue deal.
Following their appointment, the joint administrators completed a pre-packaged sale of the business and its assets to Wincanton Creative Print, a subsidiary of the Remous Group Limited, in a deal that secures 16 jobs at the company.
Commenting on the sale, joint administrator and Begbies Traynor partner Andrew Hook said: “Although this business has encountered a series of financial challenges since the pandemic, it is clear that it has the ability to trade profitably with new backing.”
“Through a prepackaged sale, we have been able to allow the business to escape the burden of historic debts while maximising the value for creditors. We’re confident that the firm is now on a strong footing from which to grow.”
Remous Group Managing Director Alan Bunter added: “Wincanton Print has been a brand synonymous with print in the South West for over 40 years, but the landscape has changed since COVID and we are seeing consolidation throughout the industry.”
“I am pleased we have been able to save the jobs of the skilled team and bring them into the Remous Group of companies, they have a great reputation in commercial and wide format print with quick turnaround times. This complements our other production facility in Sherborne, with the changes we are making we expect to see it flourish for years to come.”
Find out more about the impact of 2021 reforms to pre-pack acquisition regulations
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