News
TPF confirms Wace to cease as going concern
The final nail looks set to be hammered into Wace’s coffin as its parent firm TPF Group has confirmed it is to close.
A closure was first mooted publicly in July, but interest in the company from several parties meant that a sale rather than closure became a possibility.
However, both deals failed to materialise and TPF has reverted back to ‘plan A’ with staff from Wace being offered roles at other TPF sites.
A spokesman for TPF said: “The transfer of Wace Swindon operations to other TPF Group sites is now going ahead. Staff at Swindon are currently going through the usual HR processes, so it’s too early to say how many will take up the opportunity to relocate.
“Similarly with the plant, they are currently assessing which machines are suitable for relocation.”
Unite has said that it will be meeting with representatives of TPF on Monday (8 October ) to discuss the next course of action.
Meanwhile, according to the spokesman, TPF’s overseas expansion is set to step up a gear with the firm close to securing a stake in an as yet unnamed Japanese print company.
10 YEARS AT WACE
1997 Accountant Angus Steel is called in to turn round the plant’s fortunes
1998 Wace accelerates sales plan, offers Steel chance to buy site
1999 Steel leads MBO
2004 Falls into administration and bought by Ringdark. Steel leaves
2005 TPF buys majority stake
2007 TPF announces closure
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Comments
friend good - 04 October 2007
wace employees to this date know nothing of any 'roles' being offered at 'other' tpf locations.Tpf have chosen to formally announce closure through media without formally addressing wace's own employees. The whole situation has been badly handled from the start . 10 colour press has started to be removed , but wace knew nothing of this till engineers walked in building .
Fred Fisher - 05 October 2007
what other roles at tpf sites???????????? very curious about this . Thank you Tpf for the way you have handled the whole process , the total lack of communication down to shop floor level . Instead of securing more business oversees sorting affairs on own soil would surely be more preferencial.You would think tpf wouldnt want adverse publicity and deal with wace in a more professional manner and show just a little more respect to the 'fantastic' workforce they have there at the swindon plant........
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