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B&T set to re-open within 10 days after Dennis lifeline secures buyout
Butler and Tanner (B&T) could re-open within 10 days after maverick magazine publisher Felix Dennis stepped in to support Kevin Sarney's £500,000 eleventh-hour bid to save the company.
Sarney shocked the industry last Friday when he came up with a bid to buy failed Somerset book printer B&T from administrator UHY Hacker Young.
The offer, which was accepted on Tuesday, came just as an auction of B&T's assets was closing and only a few days after Sarney's original bid had been rejected.
Sarney said: "We would like to thank all of those who have supported us, in particular Felix Dennis. We still believe that there is a need within the UK market for the services that Butler and Tanner can provide.
"There will now be discussions with other interested parties, finance companies, the landlord and the trade union and, subject to satisfactory outcomes, we are looking to re-launch the company within the next 10 days."
Dennis, whose publishing empire includes men's magazine Maxim and a range of computer and car titles, is understood to be one of a number of backers for Sarney's venture, which has been advised by Target Corporate Finance.
As well as Sarney, the new B&T team includes Dave Mills, Jeremy Snell and former B&T managing director Peter Maunder.
Mark Harman, head of the Target Corporate Finance team, said: With support from Felix Dennis the management team has acquired the unencumbered assets of the business along with the right to occupy the site from the receiver for a sum of £500,000.
"Kevin and his team have pulled out all the stops in their attempts to save Butler & Tanner and we wish them every success in getting the business back on track.
Sarney's offer on Friday afternoon forced administrator Peter Kubik to disregard an auction of the company's assets in favour of the MBO.
Kubik, though, warned that Sarney's team was "a long way away still from getting B&T off the ground".
Dennis is thought to be one of several backers of Sarney's bid
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Comments
Clive Keeble - 02 July 2008
The UK print industry as well as the booktrade owes a tremendous debt of gratitude to Felix Dennis ; well done to Kevin Sarney who never lost faith in completing what must have, only a few weeks ago, seemed a near impossible task.
A fresh start assisted by many old hands ; what's recently passed is best remaining in the past - concentrate now on beating the foreign printers and assuring long-term employment for Frome.
Time for me to shut up and concentrate on my own business. Good fortune to all those from the 287 ex-B&T staff who get taken back on : I look forward to selling many B&T quality printed titles in the coming months.
reggie reynolds - 02 July 2008
thanks for your kind words clive.
STEVEN ROGERS - 02 July 2008
Thank you Clive for your support through the last 10 weeks I am sure I can speak for everyone concerned you have taken the time to write positive comments and we thank you for that hope you get to sell lots of books printed at B&Ts in the future well done Clive
ex Employee - 02 July 2008
Kevin Sarney - you have big balls and we wish you every success - when others woudl have given up you hung in.
michael young - 02 July 2008
If this deal breaks down and B&T struggle again how long will it be until the latest bunch of saviours are villified.
It doesn't look likely that the company will survive from the outside, no sales team, no kit and no trading from April.
Best of luck you are going to need it.
Mark Lennard - 02 July 2008
If all goes well then there definitely is light at the end of the tunnel for what we all thought was a very negative end to such a prominent company.
Hats off to Kevin Sarney and Felix Dennis for creating life again for B&T.
We look forward to assisting them in filling the company with a whole team of people.
Mark Lennard
Managing Director
JPL Group
www.jplgroup.com
0845 521 0440
john peel - 02 July 2008
Mark Lennard, thanks for your encouraging words, Michael Young your negativity knows no bounds, why are you saying B and T`s have no kit, no sales team what the hell do you know about the situation in Frome?
I can assure you Michael Young that the shop floor workers in Frome are second to none and I F the thing fails it will not be for the want of trying,
You and others who come on here just to knock and mock what is going to happen in Frome really make me sick and I put it down to just one word, Jealousy
michael young - 02 July 2008
I can assure you I am far from Jealous, just worried that people MIGHT be getting their hopes up for another false dawn.
i worked for dolan and all i got was this lousy st - 02 July 2008
as john peel said michael young
the shop floor workers in Frome are second to none and I F the thing fails it will not be for the want of trying,
the workforce know how easily this could go tits up again but with such a strong workforce that is prepared to pull together theres every chance it could work, sure theres people out there who have moved on and good luck to them but theres alot of people who have nothing to lose and are attempting to get butler and tanner back where it belongs. i think just by the comments of the workforce on here you can see that they that the mbo team have the backing of us as a workforce whoever gets the oppurtunity to go back.
Patrick Curran - 02 July 2008
Good luck for the first to return to B&T, in good time I'd think all the people who want to return will.
About time the West country print industry had some good news for a change!
Paul tetley - 02 July 2008
kevin good luck to you .Make sure you employ people that want to work and not freeloaders.Make sure you have a good account remember lawrence Allen days? I am willing to help if I can.
Jack Sheperd - 02 July 2008
I too am concerned that this a great news but can it work?.
I am sure the employees will give it their all, but where are the customers coming from.
what presses do you have to produce work on being open in 10 days will be a miracle.
Good luck to all.
STEVEN ROGERS - 02 July 2008
Good evening Michael Young welcome to print week I see this is your first visit on here so we must make an allowance for your inexperiance in the matters arising at Butler & Tanner but I would like to point out that apart from a few m/cs that Mr Dolan sold whilst we were still working there(sorry we were not meant to that) the rest of the m/cs are still there as for sales maybe you know something we don,t because only 1 to my knowledge went to MPI and as for trading at least we have the backing of a very well known financier so no doubt he has great contacts. but back to you Michael or is that Micky what MPI company are you working at
STEVEN ROGERS - 02 July 2008
God took 7days to create the world
Kevin and his team will take 10 days to create theirs
miracles do happen if you want it badly enough
brett mann - 02 July 2008
Sounds like a Dolan cohort to me!
Gary Fisher - 02 July 2008
I have been watching the news about Butler and Tanner from afar via printweek. for the past few months and have been saddened by what has gone on.
I have visited B&T on two different occasions with my company and it was tragic that this great company which is a big part of the community was to be closed.
Im sure it will not be easy but stick with it as hard work and dedication always pays off.
Well done to the management team for this amazing turn around and good luck to all the Butler and Tanner team moving forward !!!
John Newton - 02 July 2008
Hey Paul, great to hear from you! The LA days were brilliant, everyone pulling in, helping each other. Was the last part of the group to make money so they shut us, didnt like us showing off! The site is still free, a few new 10 col heidelbergs in there and it would be a great commercial printers again! A great lil money maker 10 mins off m5! Think about it MBO team!
Mike Prior - 03 July 2008
I do not want to seem to be the Devils Advocate in these discussions, but looking back through old editions of the Printweek 500 list of companies, it states that the last time B & T made a profit was in 2003, and if my memory is correct, that is when the highly profitable Lawrence Allen and Radstock Reproductions were in the group. Since then I believe the land was sold at Frome to help the finances, and also since 2003 the Chinese book printing market has gained strength.
I sincerely hope that Kevin and Peter and the others manage to pull back and capitalise on the new opportunity, because when I started at B & T in the late sixties I was told the B & T needs Frome as much as Frome needs B & T.
Best wishes to you all.
Mike Prior, BML Print Management Trowbridge Wiltshire
Matt Whipp - 03 July 2008
On behalf of Ann Field
"This is great news. There is some way to go yet but Butler and Tanner workers deserve no less than this vote of confidence in their skills and willingness to turn the company once again into the UK's leading colour book printer.
"We look forward to discussions with the new management team and we hope the re-launch will follow soon."
Mark Hutton - 03 July 2008
Hello Mike. I think the reason that it will work this time is that the Union have offered the new team all the savings Dolan was offered (minus the contentious contract). The old final salary pension scheme is gone and there are new hours and overtime rates on the table.
The workforce, as you can see from this site, are up for it. They have a point to prove and see the success of the old place as "unfinished business".
It may even be that Mr Dennis, as a publisher, will put work in the place.
Lets hope it takes off big time!
regards "Henry".
Gordon Ford - 03 July 2008
Henry. The more i read about the more i think your right
"BUTLER & TANNER
THE
UNFINISHED BUSINESS"
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