Wednesday, January 25, 2017

News: Garnett Dickinson goes through administration

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Rotherham print group Garnett Dickinson has been acquired out of administration in a deal which has safeguarded 125 jobs.

Based in a £20m state-of-the-art facility in Manvers, the group specialises in large run multi pagination printing and customers include high profile monthly magazines and luxury catalogue brands.

Nicholas Alexander bought Garnett Dickinson Group, with the exception of its digital operation, for an undisclosed sum in 2015 and instigated a restructure of the operations. Alexander had stepped down from the board at Garnett Dickinson after leading a management buyout (MBO) of subsidiary, Acorn Web Offset, in 2013.

Jonny Marston and Howard Smith of KPMG, were appointed as joint administrators to the business on January 24 2017 after the business ran into cash flow difficulties due to operational issues.

Garnett Dickinson Print Ltd had a turnover of £17.2m and made an operating loss of just over a £1m in the year to September 30 2015.

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The joint administrators have now confirmed that Garnett Dickinson has been sold in a pre-pack deal to GD Web Offset Limited, a vehicle incorporated for the purposes of the acquisition. The deal saw all of the trading business and assets sold to GD Web Offset Limited whose directors are Paul Mursell of EWO Media in Essex and Jeremy Spring of Aspenlink, a company that converts some twenty five thousand tonnes of paper a year.

With 130 employees, five roles were not part of the transaction and have therefore been made redundant.

Jonny Marston, partner at KPMG and joint administrator, said: "This transaction secures a large number of jobs and the continuation of operations at an important printing site in Rotherham.

"We wish the business well in the future under new ownership."

Managing director Mark Bennett departed Garnett Dickinson in December.

The original Garnett Dickinson business started in 1858 in the back of a busy stationary shop where it first published the South Yorkshire Advertiser. The Rotherham Advertiser is now published by Regional Media Ltd, a company which also has Alexander as a director and acquired the publishing business and assets from Garnett Dickinson in 2015.

Garnett Dickinson website

Images: Garnett Dickinson


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