Goodhead Group, owned by Sir John Madejski, has been sold out of administration to Polestar Group, safeguarding 518 jobs.KPMG’s Allan Graham and David Standish were appointed joint administrators at Goodhead on Wednesday, and the business was immediately sold to Polestar, in a “pre-pack”.
According to KPMG, both sites, BGP in Bicester and Stones the Printers in Banbury, will continue.
Polestar issued a statement in which chief executive Barry Hibbert said he was “delighted” to add the firepower and capabilities of BGP and Stones to Polestar. “While some changes will be inevitable, it is our intention to continue with the businesses in their current form,” he stated.
Allan Graham, joint administrator and restructuring partner at KPMG, commented: “The printing sector has suffered extremely difficult trading conditions over the last few years, but we are pleased that we have been able to rescue the business and over 500 jobs with today’s sale to Polestar, one of the market leaders in the printing sector.”
According to Print Week, it appears that Sir John Madejski will effectively write-off his £100 million investment in the business.
Goodhead Group, which comprises BGP, Stones the Printers in Banbury, and BGP’s binding operation in Buckingham, posted a £4.7m pre-tax loss on sales of £68m in the year to May 31, 2011. Assets were listed at £46.6m.
resources: Polestar Group website