Circle Media places Roto Smeets in administration
Monday, April 15, 2019
Struggling European print group Circle Media Group has filed for administration for Roto Smeets, the Dutch holding company of Roto Smeets Deventer, Roto Smeets Weert and Senefelder Misset in Doetinchem.
According to a statement issued by Circle Media this morning, the application, which was made on Friday 12 April, was filed as a result of “the very challenging market circumstances in the European printing industry”.
The Dutch operations employ around 1,000 staff.
Under Dutch law, a company can apply to the courts for ‘suspension of payments’ if it is, or anticipates it will be, unable to settle its debts as they fall due. The court then appoints an administrator to the business and it is protected from creditor claims while it attempts to re-organise.
The brief company statement said: “The administrator and management are examining possibilities for a reorganisation of the company. During the suspension of payments, the Dutch printing companies will continue their operations as usual.”
It added that the suspension does not include the Dutch marketing operations in Amstelveen (MPG). Circle’s other European operations in Austria (Oberndorfer Druckerei), Belgium (Corelio), Germany (J Fink Druck and Korner Druck), Spain (Impresia Ibérica) and Hungary (Antok) are also not included in the process.
Circle Media, which is headed by former Polestar executive Peter Andreou, acquired Roto Smeets just over two years ago, creating a €500m web offset and gravure group that at the time employed 2,500 staff.
The appointment of administrators in The Netherlands follows Circle Media filing for bankruptcy for its 180-staff Helio Charleroi gravure plant in Belgium at the end of January and selling book and commercial print group CPI Group last week, less than nine months after it bought it.