Distributor Cinram placed in administration after losing Universal contract

Mon, 14 Aug 2017 | ADMINISTRATION

Distribution and logistics firm Cinram has gone into administration after failing to land a key contract with Universal Pictures.

The Aylesbury-based firm, which has previously held contracts with Sky, Paramount Pictures and UK retailer Game, was forced to lay off 81 workers and transfer 29 more in July after the US film-maker pulled out of a key contract with the distribution firm. The contract is said to have accounted for the majority of Cinram’s work at its Buckinghamshire site.

Universal Pictures instead turned to Sony DADC UK, based in Enfield, while Cinram’s bosses had worked out what Unite union bosses described as a “good redundancy package” following “intensive negotiations”.

As part of the deal 29 Cinram employees made a TUPE - Transfer of Undertakings (Protection of Employment) Regulations - transfer to Sony DADC.

A further 81 workers accepted a redundancy package negotiated by the union, with a further 118 employees still employed by the distributor, which is still searching for a buyer for its Rabans Lane, Aylsebury site.

A statement from Mercer & Hole, the firm appointed joint administrators, stated that losing the contract at the end of June had cased Cinram to “review its trading position in light of the reduced revenue”.

It continued: "The corporate restructuring team (Steve Smith, Chris Laughton and Henry Page) at Mercer & Hole have been working with the directors to prevent the closure of the site at Aylesbury and save the jobs of those employees who remained with Cinram since the end of June. It is expected that operations will continue in administration while negotiations with potential purchasers of the business continue.”

Find a wholesale business for sale
Subscribe to Business Sale Report here.


Share this article



Latest Businesses for Sale

Temporary & Permanent Recruitment Business (Fast Sale)
South of England, UK Wide

Offers no later than 12 noon on Tuesday 17th December 2019. All offers to be supported by proof of funds. An opportunity exists to purchase the business of a leading UK based temporary and permanent recruitment business providing staff specialising i...

Asking Price: Offers Invited
Turnover: £11,015,315

LEASEHOLD


IT Business
North West, London, London, UK

Well established. Managed services with significant recurring revenue stream. Relocatable. Affordable IT services. Hardware and software services. The business for sale is an IT company providing hardware, software, internet and support services. Off...

Asking Price: £299,995
Turnover: £373,966

LEASEHOLD


Commercial Property & 3 Bed Accommodation
Blackpool, UK Wide

Fully equipped to operate. Short drive to Blackpool Pleasure Beach. Brilliant transport links. This is a retirement sale. Could accommodate any cuisine. Offers invited.

Asking Price: £219,950
Turnover: £300,000


View more businesses for sale

News Search

Latest News

 
11
 
Dec
 

PiggyBank owner enters administration | ADMINISTRATION

DJS Limited, the parent company of payday lender PiggyBank, ...

 
10
 
Dec
 

MBO at Derby rail sector recruiter | MBO/MBI

There has been a seven-figure management buyout (MBO) at Der...

 
09
 
Dec
 

Scunthorpe construction group call in administrators | ADMINISTRATION

Scunthorpe-based Clugston Group and Clugston Construction ha...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources