News
Reelform sold to McCorquodale MD Bullwright
Reelform, the former subsidiary of The Print Factory (London) 1991, has been bought out of administration by the managing director of sister subsidiary McCorquodale.
Carl Bullwright has also taken full ownership of 130-year-old McCorquodale by purchasing the 51% stake formerly held by TPF from administrator KPMG.
The deal, which has secured all 45 jobs across the two businesses, will see the enlarged McCorquodale business move into Reelform's Derby site.
McCorquodale was bought by TPF in May 2005 and moved from its Milton Keynes site to Northampton in August of that year.
Operating from the Derby site, it will continue to trade under both its own and the Reelform name and keep its existing brands.
Bullwright said: "McCorquodale has a long, proud history. I'm very pleased that it's been possible not just to secure the long-term future of the business and brand, but to do so in a way that has saved so many jobs, including all those at Reelform, with whom we've worked closely in the past.
"At McCorquodale, it will be very much business as usual, while the plan over the next 12 months is to extend the Reelform client offering from mainly business forms and continuous print to a more broadly based digital proposition.
"I'd like to thank clients, staff and suppliers for their terrific support. The priority now will be to reward their loyalty by continuing to deliver a quality product at keen prices backed up with a first-class, personal service."
The Print Factory (London) 1991 Ltd went into administration last month, with the BPO division being immediately sold to Office2office in a pre-packed deal.
Joint administrators Allan Graham and David Standish, of KPMG, are still pursuing a sale of the Northampton-based manufacturing arm as a going concern.
Reelform: Derby site
Comments
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David James - 11 March 2010
Good News for a printer at last. Hope it all goes well
Colin Roberts - 12 March 2010
Agreed, its good news for all at Reelform.
BUT - somebody else will have to go. Current prices in business forms are totally unsustainable. Paper is going up but prices are going DOWN at an alarming rate.
it is total madness and somebody will have to suffer.
CRAZY.
Josh Tree - 12 March 2010
On the positive side this great news for all at Reelform at least for the short term, good luck. This used to be a great business - I really hope it can be brought back to it's former 'pre-TPF' glory.
Unfortunately, I fear achieving this is a tall order.
If Bullwrights usual pricing strategy is adopted \(i.e quoting below the cost of the paper&Ink) then this will put further unwanted pressure on other companies margins who are out there trying to run proper and honest businesses. It's not fair to make a living in this way, only for the suppliers to unwittingly pick up the tab when it all goes belly up. No good can come out of this for anyone while ever this strategy continues.
Also, you really do have to question an individuals morals, who sits back with the rest of 'team Brundle' for the past 18months watching whats been going on. I wonder how the TPF victims feel about Bully and his exciting new venture?
Barney Bites - 12 March 2010
It is good news for Reelform. I suspect this may have been in the pipeline for sometime. Carl and Richard are close associates and Mr Bullwright has been working his notice at TPF for some months now. If I worked at Reelform relief would be tinged with concern for the longer term future.
Edna Bag - 12 March 2010
Josh, not so sure on this strategy isn't bad and don't forget the SB/CB marriage wasn't out of choice
Josh Tree - 12 March 2010
Yep you're right Edna, without concrete facts I shouldn't have posted something like that as it was fueled by gossip at best, which isn't fair - apologies. I put it down to it being Friday and having something to do with TPF.
As long as 'you know who' isn't involved then fair play. Go and make a go of it, I hope it all works out for all involved. From what I gather many have had a rough time of it for too long. Good luck
Edna Bag - 12 March 2010
Josh know what you mean re TPF, still waiting for SB to buy back manufacturing or for it to be announced.
CB was I think predicted a while back. Not heard on Printhaus or overseas subsidiary, or for that matter what will happen to the Round Spinney site, with Mc Corks moving to Derby.
Darrel Crowley - 12 March 2010
Good to hear some positive news. Good luck to Reelform & McCorks.
Hairy Ar*ed Printer - 12 March 2010
Nice expensive looking building, along with a nice expensive looking car.
Edna Bag - 12 March 2010
Hairy yes agree impressive eh!!! the car is probably a paper rep or an IP ;-)
Reflex Blue - 12 March 2010
Isn't it funny how people have got such short memories.
Reelform in it's previous incarnation was a TPF-inspired pre-pack with the previous MD and owner in charge.
This new incarnation of Reelform is another pre-pack - this time with what involvement of Richard Hannaford who knows? Maybe just as the owner of the swany building?
The comment about McCorqs 130 year old history is stretching things somewhat as the company as it exists today is \(and correct me if I'm wrong) a pre-pack of a company also called McCorqs that went into admin a few years ago.
Mr Bullwright was a director of the original McCorqs, is a director of the pre-pack new McCorqs and is now a director of pre-pack pre-pack \(sic) Reelform.
What I don't understand is how either of these companies will be able to buy paper as they fail on all counts as being pre-packs. Time to stand up and be counted all you paper suppliers!
As unpleasant as it is, this is capacity that needs to be taken out of the market to allow those that are left to prosper - otherwise, why don't we all just shut the doors tonight, walk away from a shed load of debt and start again Monday with the financial means of undercutting rivals.
Edna Bag - 12 March 2010
Reflex, I agree with what your saying, I think from memory Mc Corks was bought by SB 05/06 following problems with Mc Corks trying to sell its sister company which went wrong. Not sure if it was a pre pack or bought from admin think its was an admin sale. Reelform from memory again was a part of another group (NPM, Nexus) in Nottingham, they also had Mailwrights which went to JS and Premier which I think went down.
Both McCorks and Reelform along with Printhaus were group companies which were under TPF banner. I'm not sure how accounts were structured but in theory Reelform and Mc Corks both should have viable credit, they were technically stand alones.
If I understood the report and accs on the group correctly, Mc Corks made a profit of 100k and Reelform a loss of 500k, this doesn't point to a pre pack but a sale of assets and the business, that it of course unless you know summat different. As too how much KPMG released them for is a different thing. I would be surprisd if Reelform hadn't attracted buyers other than CB.
Mark Cruise - 12 March 2010
Dear Hairy Ar*ed Printer
\(Nice expensive looking building, along with a nice expensive looking car.)
Nice expensive looking car long since gone. Staff working thier hairy ar*es off and like many a printer or supplier out there doing their hairy ar*ed best best in a bad time. Time for support and not put downs ye hairy ar*se.
As for Reflex - take a deep breath and.......relax.
TAG or GAT ? - 12 March 2010
We do all feel for the people at the coal face working hard, however Reelform went bust in 2007 owing Millions and straight away back came Mr Hannaford with his new friends from TPF and away he went running up debts once more. I think they should change their TAG line to "No one goes bust like us" . TAG now that's another story ...........
I don't think we have heard the end of this one yet by any means, I think the story is only just beginning to unfold and I think if everyone including the paper companies knew the truth then Richard and Reelform would be like a Pizza parlour without cheese.
Stanley Dingtype - 12 March 2010
It would be interesting to tot up the billions lost to the economy, written off under insolvencies over the years. No idea, and I'll bet no one else has either, but I wonder how many lost jobs could have been saved had that sum stayed invested in manufacturing industry. Just a thought.
I also wonder how many companies might suddenly have found other ways to survive if the alternative was to be forced to walk away with nothing, instead of with everything. Just another thought.
Easy come, easy go though.
Peeved Creditor - 12 March 2010
Edna just for the record the car was actually Mr Hannafords. And pretty sure that the building is his pension fund.
Sean Colluney - 15 March 2010
I wonder if Hannaford had the b*lls to face his staff this time when TPF went down or if he did the same as last time and hid under his desk.
Blah bLAH - 16 March 2010
Maybe I got the situation arse about face, but the way I understood the Rellform situation was...
Reelform a reasonable company..bought Esparto which grew into NPM which grew fantastically quickly on the promise of some massive African polling work. NPM went bust when it didn't get the work, dragging down Reelform. Reelform and NPM assets snapped up for a song by TPF, TPF went bust.
I dealt with Reelform and NPM for years, seemed like good people..croppled by misfortune.
Reelform under inderpendent control again should be a good thing?
martin horner - 16 March 2010
maybe they have bought it on the promise of more work lets see what happens next
TAG or GAT ? - 16 March 2010
Reelform and its staff are reasonable people its the Director that has always been the problem. If the company was run as it should be then it would still be around now in its original form. I think Mr Hannafords past dealings are about to catch up with him and finally he will be held responsible.King of the Kick Backs from his days with CCS, that hasn't changed he is still at it now !!! He finds very clever ways to get substantial money out of his companies. I have always worked on the principle of look after your business and it will look after you. Pilfer your business and share holders and you will go bust and you will get found out.
Peeved Creditor - 16 March 2010
Tag or Gat how very true. I dont think the various Mercs and Astons littering the car park helped matters, it tends to rub both staff and customers up the wrong way. But they were the old days and perhaps with Carl invloved it will be operated on a more modest and less lavish manner
TAG or GAT ? - 16 March 2010
I doubt it, them pair are like a marriage made in Heaven, when all said and done the same Directors, running the same failed businesses. Don't get me wrong I think Directors/owners of businesses should get the rewards for taking all the risks, What I object to is fraudulant activity moving substantial amounts of money from a business decieving shareholders and putting employees at risk. Scum pure scum
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