Paperlinx operation bought out of administration
Friday, April 24, 2015
Global plastics and media group Vink Holdings has bought the assets of Paperlinx’s wide-format operation, Visual Technology Solutions (VTS), from administrators Deloitte.
The VTS business, which supplied kit and substrates to the wide-format market, was acquired by Vink-owned Quantum Europoint, a sister company to Knutsford-based wide-format substrate supplier Amari Plastics, which had been named as a possible buyer earlier this week.
The deal completed yesterday (23 April).
Vink Holdings chief executive officer David Williams said the new business would trade as Europoint with a total of 66 staff transferring over, including the managing director during administration Frank Moran, who will head up Europoint.
"The initial plan is that we will be selling all substrates and media. Equipment sales are under review," said Williams.
Initially Europoint will operate out of Paperlinx VTS's former Northampton site, while a new location in the same area is sought.
Europoint also plans to re-open the Manchester office, which was closed by the administrators following their appointment to Paperlinx.
Williams said: “We’re just going to try and re-establish the business, which I think was a good one for many years. It became associated with all the trouble in the paper industry and that’s what really did for it. We are rebuilding it to what it was.
“We are looking to grow it back to its previous position in the market. It was a very strong player in terms of digital POS.”
Williams said there were no other changes currently planned for the former VTS business.
Vink and Paperlinx VTS have a shared history in their former guises.
The Vink businesses were owned by Kendrion, which sold Vink Plastics in the UK and Ireland to Paperlinx-owned Robert Horne Group in 2008 as part of its strategy to become a one-stop paper merchant. The former Vink UK business was merged with Robert Horne's wide-format business, which ultimately became Paperlinx VTS.
Speaking at the time, then Paperlinx UK managing director Dave Allen said he was committed “to sustained growth within the plastics market which complements our position as market leader in the graphic display industry”.
Six months after the UK deal Kedrion sold the remaining Vink Plastics businesses, which operated in 16 countries, to Edmonson, which later became Vink Holdings.
Quantum Europoint’s registered office is in Weybridge, Surrey. It was incorporated on 6 January this year under the name of Solidgear Limited. Its name was changed to Quantum Europoint last week (17 April).
Meanwhile, there have been a further 23 redundancies of former Paperlinx staff this week. The job roles were a mixture of the remaining drivers and sales staff.
Paperlinx VTS continues to trade in the Republic of Ireland and Northern Ireland.