"Hell be looking at ways of reducing waste and improving efficiencies throughout the group," said chief operating officer Chris Pavlosky.
Last month the group said it would shut two of Watmoughs three presses and pass control to Chantry.
Chris Dew, the former managing director of Polestar Broadley, has been appointed as managing director at Wakefield-based Chantry, with ex-Chantry boss Jim Algar moving to take over the vacant managing directors role at Colchester.
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"Gosh! That’s a huge debt - especially HMRC! It’s a shock that HMRC allowed such an amount to be accumulated."
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