News

TPF Group’s rollercoaster year took two further twists this week as chief executive Steve Brundle announced the probable closure of Wace and a £13m investment in kit.

The Swindon sheetfed plant’s workforce of around 70 was told last week that the factory would close by the end of the summer if no buyer for it was found.

The announcement is understood to have come after a potential suitor pulled out of negotiations early last week. At least two other potential buyers are understood to have run the rule over the business.

The firm’s managing director Geoff Hughes and sales director Steve Palmer have also left the firm to return to former employer BGP Group (see below), with former Polestar Petty managing director Lindsey Atkinson parachuted in to see the plant through the summer.

Around £5m of work will transfer out of Swindon to TPF’s sites in Northampton, where it has set up a dedicated finishing arm, and Derby, where the group bought Reelform and NPM.

New presses worth £10m are due to be installed at the firm’s remaining sites by the autumn, including a 12-colour Heidelberg Speedmaster SM 102 with Cutstar and two six-colour Speedmaster XL 105s, while £3m will be spent on post-press kit for its recently-acquired Sovereign Court unit in Northampton.

Brundle said that the developments would place TPF Group in a better position to serve customers wanting more sophisticated direct mail, transactional mail and one-to-one marketing.

“The decision to relocate Wace was not taken lightly, but we certainly make no apology for changing the structure of our business whenever and however we need to, in order to ensure it continues to match what our clients require from us.

“This decision should not detract from the fact that there’s a top-quality operation down there, with a fantastic workforce, so if someone wants to make me a realistic offer, I’m all ears.”

Brundle also indicated that several major contract wins would be announced in the coming months.