Thu, 17 Jan 2013 | MBO/MBI
Book and digital printer Montgomery Litho (Glasgow) has been saved from administration after being purchased in a management buyout deal.
Newly created company McAllister Litho Glasgow bought the trade and assets of Montgomery after an agreement with the administrators at KPMG. The deal has secured 76 jobs and also the trading businesses MLG Glasgow, MLG Marketing Solutions and The Print People.
Janette McAllister, former production director at Montgomery Litho, is to take up the managing director role at the new business and is supporting the deal from her own funds. The business is to remain at the Montgomery premises in Glasgow.
Montgomery Litho entered administration on 11 January after failing to withstand mounting trading losses and cash flow pressures. A total of 148 staff lost their jobs when the administrators were drafted in, and its site in Haddington was shut down.
Montgomery had suffered a £1.2 million pre-tax loss in 2011. While its revenues fell from £24.2 million to £19.9 million after losing a large contract in the insurance industry.
Blair Nimmo of KPMG commented on the deal: “The sale of the business represents the best possible outcome for the Glasgow operation which will now continue to trade.
“We are particularly pleased to have secured the sale after less than a week as transactions like these are difficult to achieve in the current economic climate.”
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