Fri, 24 Nov 2023 | BUSINESS SALE
Cestrian Imaging Limited, a large format printing manufacturer based in Stockport, has been acquired out of administration. The company was acquired by print and design business Service Graphics Ltd, part of the Grenadier Holdings Group, after Anthony Collier and Simon Farr of FRP Advisory were appointed as joint administrators.
The joint administrators reportedly immediately secured the sale of the business and its assets following their appointment on November 17. The deal secures all 39 jobs at Cestrian and Service Graphics will take on all of the firm’s manufacturing capabilities, ensuring that customer orders will continue to be serviced.
Cestrian Imaging, which is based in Cheadle Hulme, produces large format printing and retail printing services, with a focus on window displays, point of sale displays and fabric graphics. The company was part of the troubled PFI Group, which acquired the firm just over two years ago.
Commenting on the sale, FRP partner and joint administrator Anthony Collier said: "We're pleased to have secured a buyer for the company and we'll continue to work with them to ensure a smooth transition for employees and customers.”
"Unfortunately the business has faced increasing cashflow pressures in recent months due to rising costs and supply chain challenges meaning it was no longer able to meet its financial obligations as they fell due.”
PFI Group, the trading name of Rymack Sign Solutions, has suffered an incredibly difficult year, amid rising costs, supply chain disruption and the impact of high inflation and interest rates on the retail sector. Several of its businesses have reportedly been placed into administration over recent weeks, including Scottish sign business Sign Plus and its Jasmine and Lofthus Signs divisions.
FRP Advisory were also appointed as administrators to another PFI business, Cardiff-based Gardners NW Ltd, on November 17, with that company’s trading status currently unclear. Meanwhile, according to a report from trade publication Printweek, the locks at another PFI business, Kelso-based Signmaster, were changed at the behest of administrators from FRP Advisory on November 16, although the business has not formally been flagged as being in administration.
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