Jobs saved as Somerset printing firm sold out of administration
A Somerset printing firm which had struggled with challenging trading conditions following the pandemic has been sold out of administration saving 16 jobs.
Julie Palmer and Andrew Hook, partners at Begbies Traynor in Salisbury, were appointed as joint administrators to Wincanton Digital Print, overseeing a prepackaged sale to Wincanton Creative Print – part of the Remous Group Ltd.
Wincanton Digital Print began life more than 40 years ago as a litho-printing concern and had previously entered administration after being forced to cease operations due to government pandemic restrictions in 2020.
A rescue package at the time enabled the business to relaunch operations with the support of creditors. However, a more recent downturn in sales, combined with the impact of rising interest rates on its debt, saw the directors seek insolvency advice.
Andrew Hook, partner and joint administrator, 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.”
Alan Bunter, managing director at Remous, commented: “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 compliments our other production facility in Sherborne, with the changes we are making we expect to see it flourish for years to come.”
Andrew Hook added that the business’ decision to seek advice early had enabled the rescue deal.
