Printing business brought back from winding up petition after buy-out
BRADFORD printing company T&P Print has been bought out by the son of the former owners, following a winding up petition.
Antalis Ltd, a paper packaging and signage firm based in Hertfordshire petitioned the courts to wind up the company on 29 October 2015.
It said that brochure and magazine printers Bakes & Lord (now T&P Print) owed the company just under £40,000.
On 28 January, having heard counsel from both sides, a judge decided to wind up the business.
Now, it has been bought out by the son of its former owners, who originally sold the business in 2014, 18 months before the winding up petition was filed.
Mr Woodhead received funding from Reward Finance Group, and rebranded the company as T&P Print Ltd.
Neil Woodhead joined the business at 16 years-old, after it was acquired by his parents, Brian and Sally Woodhead in 1984 in an MBO.
The couple had run the business profitably until September 2014 when it was sold to an outside investor, with Neil Woodhead staying on in a reduced capacity.
Under the new management, Bakes and Lord Limited suffered some serious difficulties which saw packaging firm Antalis ask a court to wind up the company over the debts it had incurred.
Mr Woodhead then bought the printing equipment company from a finance firm that held it.
Reward Finance Group advanced the funding needed to buy the business within one week and Mr Woodhead was able to reanimate the business.
Now, T&P Print employs 10 people and is looking to create additional jobs.
Mr Woodhead said: “After working under external investors, I wanted the business to remain close to the family, and having the opportunity to regain it and see it succeed is fantastic.
“Reward Finance Group was able to begin the process in a much quicker time than the banks, which has proved beneficial to our business, and others in the printing industry.”
Russell Stevens of Clarion advised Reward Finance Group.