Thu, 28 Apr 2016 | ADMINISTRATION
The UK’s largest independent printing group Polestar has entered administration after Daily Mail publisher DMG Media decided to end its contract with the company.
Polestar had been suffering with the decline of newspaper and magazine sales in the UK and cited cashflow problems and £100 million in outstanding debt among its main reasons for collapse. The Polestar group was seemingly rescued last month when it was purchased by Preventus Capital Partner. However, DMG Media has subsequently said that it would not being renewing its contract under the new owner.
Before entering administration on Wednesday 27 April, Polestar printed more than 50 million units per week, including magazines such as Hello!, Grazia, Cosmopolitan and the Radio Times.
The search is now on for potential buyers, with Zelf Hussain and Peter Dickens of PricewaterhouseCoopers (PwC) being appointed as joint administrators. Mr Hussain said: “We believe there is a strong underlying business within the group and we are focused on doing all we can to preserve value and maintain the business while we look to achieve a sale.
“We would welcome a dialogue with all interested parties and ask that suppliers and customers work with us to try to deliver a lasting solution for the business.”
Find solvent printers for sale at Business Sale Report.
Find other printers that have entered administration
The company provides UK-wide distribution solutions, specialising in Hiab hire and transporting cargo that requires ADR certification. The business utilises its proficient drivers and fleet to effectively collect and distribute goods of all sizes, in...
This is a unique opportunity to acquire a well-established scaffolding supply business in Scotland, offering comprehensive services and working with blue-chip clients across various industries.
This reputable company is a leading supplier and installer of commercial flooring and hygienic wall cladding, known for its strong relationships and premier installer status with a market-leading manufacturer. With a broad range of installation solut...
15
|
Jul
|
Business and assets of furniture manufacturer acquired in pre-pack deal | BUSINESS SALE
The business and assets of a Wiltshire-based furniture manuf...
15
|
Jul
|
DJH continues acquisition drive with first takeover in Ireland | BUSINESS SALE
Private equity-backed accountancy and professional services ...
15
|
Jul
|
Hospitality giant acquires £12.3m-turnover hotel group | BUSINESS SALE
Property, construction and hospitality giant The Arora Group...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.