News
PPS buys out direct mail printer Charisma Colourprint
Charisma Colourprint has been acquired by Progressive Print Solutions (PPS) after becoming a casualty of this summer's economic slowdown.
The Sheffield-based commercial and direct mail printer successfully agreed a Corporate Voluntary Arrangement (CVA) with creditors after it was deemed insolvent last October.
However, the struggling company was unable to stay afloat and was forced to call in administrators BWC Business Solutions on 15 August.
Joint administrator Paul Whitwam told PrintWeek that an "off the shelf company", owned by PPS, bought the direct mail side of the business the same day that Charisma went into administration.
He said: "It's related to an outfit called Progressive Print Solutions, which is based in Leeds. It's not associated at all with the company directors, it's another printing company."
The deal saved the jobs of 34 of the company's 50 staff, although the remaining 16 employees were made redundant as BWC closed Charisma's print works.
Charisma Colourprint recorded a pre-tax loss of £134,000 on a turnover of £5.4m in its latest accounts to December 2006.
The company was founded in 1988 to provide colour sheetfed print services. In 2000 it was bought by an MBI team who added direct mail services to the business.
The deal saved the jobs of 34 of Charisma's 50 staff
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Comments
James Murrey - 31 August 2008
It's not associated at all with the company directors, it's another printing company."
Pull the other one, the "lady doth protests too much!"
The deal saved the jobs of 34 of the company's 50 staff, although the remaining 16 employees were made redundant as BWC closed Charisma's print works.
We hear on the grapevine that they worked the full week then the print staff did NOT get paid - not a very decent or respectable thing to do.
Very shabby.
However, we do hope all the staff have managed to gain employment for the way they have been treated..
Ivor Bigun - 31 August 2008
First of all the figure made redundant was 13 not the 16 as claimed.How can 3 of the top men be made redundant on Friday 15th Aug but be back at their desks on Monday 18th Aug as though nothing had happened? "It's another printing company"...yeah of course it is!!... next you'll be telling us OJ Simpson WAS innocent and Gary Glitter ISN'T a paedo.I CAN CONFIRM that people didn't get paid and I should know as I was one of the 13 who got the chop. The last posting summed it up quite well....VERY SHABBY
James Murrey - 03 September 2008
Ivor,
Its no wonder you and your colleagues are so angry at the disgraceful way that you have been treated.
They MUST have kwown that they were going to pull the rug while you working the final week and that they were NOT going to cough up and pay you all for your services!
It does appear to be a sham and so underhand. Those that are responsible should be held to account and struck off as future directors.
Ivor, good luck to you all and your families/dependents.
James Murrey - 03 September 2008
As PPS have probably benefitted from the acquisition, former directors and order book etc...MORALLY, they too perhaps could help to right the wrongs?
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