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Stewarts confirms Summerhall to be liquidated
Stewarts has confirmed that it has been forced to liquidate the recently acquired business of Summerhall Press following "unforeseen circumstances" which made the business unviable.
The Edinburgh-based company bought the assets of Summerhall Press out of administration on 15 December via an acquisition vehicle, but appointed French Duncan to the business only eight days later with the loss of 135 jobs.
Terry O'Hare, managing director of Stewarts, told PrintWeek of his disappointment at the move: "We tried our very best."
He added: "It is very regrettable that jobs have been lost. We are working with the liquidator to finish the work in progress."
O'Hare refused to be drawn on details behind the closure or whether further action was to be taken against the vendors of the business.
"We acted decisively when the unforeseen circumstances became apparent and continue to provide an honest and quality service to our clients," he said.
He added that there were no immediate plans to transfer any staff or assets from Summerhall to Stewarts.
Comments
Jon Fennell - 06 January 2009
Well at least the administrators are making money.
The sooner the pre pack rules are used the better, how many more failed buy outs are needed.
Its like a dodgy second hand car lot, 'Sold as Seen'.
Giles Print - 06 January 2009
"Bag of Maggots for Sale"
History Unknown. Future Uncertain.
Squirming Guaranteed.
Not sure how long will survive.
Buyer Beware.
Had Enough - 06 January 2009
A certain newspaper SDM published a brilliant article on "Pre-pack"deals on 4 January.
Read it. It makes excellent reading.
It headlines "Pre-pack" deals risk cheating creditors and private equity boss warns of abuse over quickie bankruptcy.
How true.
Bad Boy - 07 January 2009
[quote user="Had Enough"]
A certain newspaper SDM published a brilliant article on "Pre-pack"deals on 4 January. Read it. It makes excellent reading. It headlines "Pre-pack" deals risk cheating creditors and private equity boss warns of abuse over quickie bankruptcy. How true.
[/quote]
A link please?
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