Manroland GB sale proceeds disclosed in admins' report
By Hannah Jordan Monday, 02 July 2012
The administrators' final report revealed the sheetfed and web arms of Manroland's UK operations were sold for £645,131 and £40,412 respectively, while the consumables unit was closed.
Figures in the Pricewaterhousecoopers report show all parts of the sheetfed business were sold on 6 March for £645,131 to Manroland UK (MUK), the company set up by British manufacturer Langley Holdings to buy the operation out of administration.
However the sale included outstanding books debts of £522,470, meaning the total value of the sheetfed business was £112,661 at the time of sale. The deal, which saw 37 employees transfer under TUPE to MUK, included the lease of part of Manroland UK’s Morden road premises.
Meanwhile on 9 March the web arm of MRGB operation was sold to Manroland Web Systems (MWS), owned by the Possehl Group, for £40,412 in a deal that included goodwill, equipment, customer contracts, intellectual property and work in progress. Eight employees transferred to MWS while the value of book debts worth £256,007 will continue to be collected.
According to the report the consumable side of the business had to be closed "as there was no viable prospect of a sale". Thirteen employees were made redundant, including all those in the consumable products unit.
The final administrators' report brings to a close a turbulent period which saw the German manufacturer Manroland AG enter administration in November 2011 putting its international network of subsidiaries at risk. In line with proposals agreed by creditors the administration period was set from 5 December 2011 to 28 May 2012.
In January the German Possehl Group bought Manroland’s web operation while Nottinghamshire-based investor Langley Holdings bought the entire sheetfed side of the business, including 50 companies across 40 countries, setting up MUK to run the UK operation.
The company will now be placed into creditors' voluntary liquidation. There are no secured or preferential creditors and according to the report surplus funds resulting from the administration will become available for non-preferential unsecured creditors, of which there are around 150, in due course.
While the return for unsecured creditors in currently unknown, the funds available will be dependent on any proceeds realised from the sale of the MRGB's freehold property. The Mitcham site - now leased by MUK - is valued in the directors' statement of affairs at £2.4m and is expected to be put on the market with leases intact in late summer.
Meanwhile it is expected that MRGB's German ex-parent Manroland AG and one of its former subsidiaries, the blanket manufacturer Werner Lies, will submit claims against MRGB, the details of which are not disclosed.
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