Stan Coltman and Nigel Fox, directors of Tenon Recovery, were appointed as joint administrators of both West Island and Intereel Group, part of the West Island Group of Companies.
The print side of the business of West Island ceased to trade prior to Coltman’s involvement with the business resulting in some redundancies for technical, economic and reorganisational reasons.
Coltman commented: “The companies have faced a number of problems, including some significant bad debts and an overhead base too large to support its turnover within its print division. This, combined with the current trading conditions caused the downfall of the group.”
Since Tenon Recovery’s appointment the joint administrators have continued to trade the remaining label business in a limited capacity, by fulfilling customers’ orders, whilst the business and assets have been marketed by the joint administrators for sale. Coltman is currently in detailed talks with several prospective interested parties to try to find a buyer for the various aspects of the business and assets of the Companies.
Coltman said: “I am cautiously optimistic that a sale of the label business can be achieved as a going concern which, if possible, will result in jobs being saved and retained on the Isle of Wight.”
West Island is located in Freshwater on the Isle of Wight and offers a ‘total solution’ to a broad spectrum of design, print and packaging tasks, all undertaken using their own unique design-led resource of specialist in-house design to print facilities. These include a design group with national credentials, a leading multi-discipline photographer and a print facility capable of producing anything from short run magazines and high quality fine art brochures to on-reel labels, greeting cards, cartons and general point of purchase materials.
The Intereel Group has a long history in the field of self-adhesive products and tags. The company’s history goes back to 1986 when Hank Arnold founded Design & Display, and 1990 when Ian Hennessey founded All Label Press. The merger of these companies in 2001 produced an organisation with wide expertise and knowledge and a well established and significant client base.