News

Loudwater’s former managing director Marc Cox is back in business after buying the assets of the specialist greetings card firm from administrator Ernst & Young.

Loudwater’s assets were sold to business partners Marc Cox and Vincent Lewis after administrators Ian Best and Chris Marsden failed to find a buyer for the stricken Milton Keynes-based firm.

Cox has been a non-executive director of Loudwater for the past three years, prior to which he was managing director.

A spokesman for the administrators said: “The assets of the group, including the plant and machinery, were sold to the previous managing director.”

Cox, who called in the administrators on 23 October, endured around two weeks’ wait before returning to his old plant as co-director – together with Lewis – of new company Immerse Group.
Immerse Group was formerly known as Peanut Butter Jam, a company which was incorporated in April 2002 and lay dormant until its name-change last Friday.

Loudwater, which had an outstanding trade debt in excess of £2m when it posted its last accounts, is believed to have still owed a seven-figure sum when it closed.

In addition to its trade creditors, all Loudwater’s 79 staff were made redundant when the firm closed. However, 18 have subsequently been employed by Immerse Group.

LOUDWATER/IMMERSE FACTFILE
Loudwater
Based Milton Keynes
Employees 79
Subsidiaries Atomic MK, Eazyrizer, Plastiscene
2006 trade debtors £2.1m

Immerse Group
Formerly Peanut Butter Jam
Based Milton Keynes
Directors Marc Cox, Vincent Lewis
Employees 18