News
Pindar completes Cooper Clegg sale
Cooper Clegg has been sold today to a buy-in management buy-out (BIMBO) team led by 'turnaround specialist' John Wood.
Wood has been appointed chairman of Cooper Clegg with immediate effect following the sale.
The former managing director of A&R Carton's UK subsidiary, A&R (UK) and most recently of PoS printer Diam International, said he was "delighted" to be leading the BIMBO team and was looking forward to "getting on with the job".
"The economy is very difficult and likely to get worse, and the sector’s challenges have been widely reported in the press. I intend to bring stability first and then growth to this business," he added.
Pindar announced its decision to sell the Tewkesbury-based web offset printer in September, citing "unsustainable pricing" in the sector as one of the key drivers behind the move.
Group chairman Andrew Pindar said: "Pindar is pleased that the future of Cooper Clegg has been resolved quickly for the benefit of its customers, suppliers and employees.
"We recognise both the support of customers and suppliers, and the commitment and professionalism of Cooper Clegg’s employees during this difficult and unsettling period."
Comments
Print Spectator - 04 November 2008
Hmm.
As ever in print, curiouser and curiouser.
This deal appears to have gone through with the full knowledge of the impending loss of a major contract, not a universally accepted route to happiness.
Due dilligence must have raised this.
Major customers must have been consulted prior to the sale. Surely this loss was known by the buyers, it was by everybody else. Have Pindar managed to dispose of a potentially awkward liability against all the odds in the nick of time?
the PM - 04 November 2008
BIMBO - a term normally given to an attractive lady but with low intelligence.
So was the lady in question attractive and on the face of the business intelligence seems quite low.
Why Pindar bought this basket case is hard to fathom but how they have managed to sell it on is equally difficult to comprehend.
What is the USP of Cooper Clegg? Old kit? Inefficient presses? Short cut off possibly gives a paper advantage and with rising costs that may come back, but so does short grain and gravure and these presses can produce much more than 32pp in a single revolution.
Good luck to the BIMBO - it rather reminds me of a guy who said I've never been to bed with an ugly woman - but have woke up beside a few. Once the hang over clears it may be that this BIMBO is not as attractive as she may first appear.
Brian Simms - 04 November 2008
the PM...I like your wit. Very good.
Their short cut off presses makes sense, but CC always price it into the print price, so you don't gain anything with them!
Simon Biltcliffe- Webmart - 04 November 2008
Great news for the employees and suppliers. Now it needs sales along side whatever new skills the BIMBOs bring to ensure their medium-term plans get a chance to turn it a good long-term future. Hope it can pull through- it will have been bought for a low price to ensure the investment can be made, so it has arguably a better chance now than at any time in its recent history to be a success. All the best to the team there now. Simon Biltcliffe MD WEBMART Ltd.
The Mighty wind - 04 November 2008
triumph of hope over diversity, the man from diam says yes but does the man from reading say no. perhaps in 6-8 weeks
david fortune - 07 November 2008
oh dear - I hope the management and mr wood know what they are getting in to. The quality of cooper cleggs work although ok is by no means exceptional -couple this with a rapidly emptying order book and a demoralised workforce and outdated, uncompetitive presses i really wonder what future lies ahead for them. mass redundancies will be inevitable and my thoughts are with all of the workforce as this situation has probably just been delayed whilst a couple of massive egos have been trying to be satisfied. Interesting times ahead for all concerned
Jon Sherry - 07 November 2008
ref: david fortune - you say your thoughts are with the workforce, well what sinister thoughts are they?. yes we are a slightly demoralised and concerned workforce but an optomistic one none the less who, despite having a steady stream of unnecessary negative prophecies to our favour from nothing but doom merchants, continue to work to the best of our abilities.Ever thought of train spotting ?
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