Wed, 06 Jul 2011 | BUSINESS SALE
Leading print and electronic media group, Pindar, has put its UK printing business up for sale, its chairman has revealed in an interview with Printweek magazine this week.
The printing business, which has plants in Scarborough and Preston, employs around 480 people and carries out span web offset, sheetfed, and digital printing. It has instructed KPMG to conduct the search for a buyer for the £55.3 million turnover business.
The chairman of the family-owned group, Andrew Pindar, said that the decision to sell came from the ongoing difficulties in the largely loss-making web offset sector, which made the business currently unsustainable.
Speaking in the interview, Mr Pindar said, "You either plan your pathway forward or sit and watch everything drift away. We have decided to take this course of action."
He said he was confident that there would be a number of bids lodged for the company before the end of the week, as he said it would be clear that the company is "a pretty good business that delights its customers" and that it would be clear to investors that it is well worth putting their money into.
A briefing note issued by KPMG states that Pindar's management team has already devised a 'future state operating model' plan for complete restructuring. The plan sets out how the company could potentially achieve an EBITDA of as much a as £6.6 million next year.
It is understood that trade buyers from Continental Europe and the USA have already expressed interest in the business.
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