Deal to pluck Paramount from administration saves 36 jobs
SAUL Loggenberg, the businessman who bought a string of manufacturing companies between 2008 and 2010, has seen administrators appointed at another of his businesses.
Matt Dunham and Les Ross from the Manchester office of Grant Thornton’s restructuring arm were appointed as joint administrators of the Stockport-based company Paramount Printing Group earlier this week. The administrators stated that the business was placed into administration after experiencing “severe cash flow difficulties”.
Mr Loggenberg, who completed 26 deals over the past two years, had bought Paramount Printing Group less than a year ago through newly-created vehicle High Doubt Ltd.
The business had a turnover of around £7.5m and employed 65 staff, but administrators were forced to lay off around 30 staff prior to agreeing a sale to Character DPM – a 40-year old print and direct mail business based in Bootle, Merseyside.
Mr Loggenberg had bought seven print businesses during the two-year period
including Paramount, Maincolour and Arthur W Clowes. The latter was placed into administration last month. Earlier this year, he said that the combined printing operations were generating annual profits of £1.5m on sales of £23.5m a year.
The acquisition of Paramount Printing Group is the fourth made by Character DPM in recent months. It has bought three printers in the north west of England -Tech Litho, Tudor Print & Design and APG Visual Colour. The sum it paid for Paramount has not been disclosed.
Joint administrator Matt Dunham said: “Grant Thornton’s accelerated mergers and acquisitions team handled the transaction, and we are delighted that a number of jobs could be saved and that the business will continue to trade”.
Mr Loggenberg has recently relocated to South Africa. He was contacted by TheBusinessDesk.com, but declined to comment.
