Tue, 09 Jul 2013 | MBO/MBI
Commercial print company Alpine Press Ltd has been bought out of administration in a management buyout (MBO).
The business, based in Kings Langley in Hertfordshire, entered administration last month and Jason Baker and Phil Armstrong of FRP Advisory were appointed as joint administrators on 25 June.
The pair managed the business as a going concern for the benefit of creditors and customers before achieving a sale. A new company led by existing management bought the business, which continues to trade as normal.
Maurice Grainger, the company's founder, is leading the new business. He explained that margins became too tight to continue and the administration and MBO were necessary to allow for a consolidation process and the reduction of debts.
Mr Baker told Print Week: “This has been a transformational restructuring for Alpine Press. The administration process has ensured that the business has emerged in a more robust position to continue servicing its customers’ needs under the ownership of a New Company overseen by the same, experienced management team.”
Alpine Press was founded in the mid 1960s. It has grown into a business with a turnover in the region of £5 million and before the administration it employed 49 staff. Fourteen were laid off during the administration, mostly in the production and administration teams.
Bad debts were blamed for the administration, with the company forced to absorb in the region of £200,000 of bad debt in the past 18 months. £90,000 of this came from one customer alone. The business is now looking to pay this down and grow at a sustainable rate.
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