Buzwell subsidiary claims priority against parent

Abbott Holdings has registered a debenture against the assets of Buzwell Group, effectively declaring itself as a preferential creditor of the troubled group.

However, it has emerged that the shop fittings manufacturer is part of Abbott International, which is owned by the Buzwell Group, and shares a common director in Buzwell chief executive Colin Parker.

Further companies in the Buzwell Group empire have been wound up after a re-financing package for the group failed to materialise (PrintWeek, 16 September). SMS Services (UK) and Gridloc Group, both subsidiaries of Buzwell have been wound up.

Administrator Begbies Traynor, which issued the winding-up petition against both Buzwell and White Productions, is working with the official receiver on the appointment of a liquidator for the businesses.

Begbies Traynor partner Nick Hood said the firm wanted to ensure that the case ends up in the hands of an insolvency practitioner, "who will look very closely at everything to see what has gone on.

White Offset, which traded as a division of White Productions and was formerly known as Offset Colour Print, has also closed its doors at its Southampton office.

It is understood that the business has had no staff since 1 September, due to the failure of Buzwell to pay any wages.

 

Story by Andy Scott