Twelve jobs have been saved after a long-established Portsmouth print company was sold out of administration. PPG Print, based in Hilsea, appointed joint administrators Gavin Savage and Vivian Bairstow, from business recovery specialists Begbies Traynor, on May 2.
The administrators sold the business and the assets as a going concern, safeguarding 12 jobs, and the company will continue to trade as PPG Print Services.
Savage said the company, which offers printing solutions, had suffered financial problems because of an unpredictable workflow, which had resulted in a struggle to manage overtime.
The company had also carried significant debt, had operated with squeezed margins and was in a very competitive marketplace, he added.
PPG Print, which has been trading for more than 30 years, offers in-house design service, pre-press, printing and finishing, and serves a wide range of sectors.
Savage said: “The management team did exactly the right thing, contacting us quickly so were able to effect a robust plan which safeguarded 12 jobs and gave what is a long-established business a firm footing on which to go forwards.
“Working closely within what was quite a tight timeframe, we were therefore able to ensure the business now also has proper backing, and we are optimistic that it can now flourish despite being in what is a very competitive marketplace.”