Large format printing business rescued out of administration
A buyer has been secured for large format printing manufacturer, Cestrian Imaging Limited, securing 39 jobs.
Anthony Collier and Simon Farr of specialist advisory firm FRP Advisory were appointed as Joint Administrators to Cestrian Imaging Limited on 17 November 2023, and immediately secured a sale of the business and its assets to Service Graphics Limited, a print and design business, part of the Dublin-headquartered Grenadier Holdings Group.
Until July this year Grenadier was best known as Paragon Group, a major player in print solutions and business services.
In October the group secured a new financing agreement with a group of key commercial banks (BNP Paribas, Citi, Commerzbank, HSBC and NatWest) for a €180m, multi-currency borrowing facility.
The Service Graphics side of the business has an existing base in Manchester’s Liverpool Road providing large format printing services to marketeers, for trade shows and promotional uses.
The rescue of Cestrian, based in Cheadle Hulme, Stockport, will see all 39 members of staff transfer to the purchaser while customer orders continue to be serviced.
Cestrian also provides what it describes as large format printing and retail printing solutions, focusing on fabric graphics, point of sale, and window displays.
Anthony Collier, Partner at FRP and Joint Administrator of Cestrian Imaging Limited, 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.
“We wish the management team every success for the future.”
Addleshaw Goddard LLP provided legal advice to FRP in respect of the sale and appointment.