Presco UK acquires Joto assets from liquidation
Monday, August 10, 2020
Finishing consumables supplier Presco UK has acquired the goodwill and assets of Joto Print Finishing, including the exclusive UK distributorship for Rilecart's wire-binding spools.
Bramfield, Hertfordshire-based supplier Joto Print Finishing ceased trading in early June and Verulam Advisory was appointed as liquidator of the business on 7 July. Swindon-headquartered Presco UK completed the deal to purchase the company's goodwill and assets from the liquidator around a fortnight ago.
The deal will see 16-staff Presco UK take on the UK sales of wire-binding spools for Italian manufacturer Rilecart's machines. The company said “large stocks” of the spools will soon be available for next-day delivery, and that previous Joto prices will be held.
Presco UK managing director Matthew Painter told Printweek: “We have been dealing with the liquidators for a few weeks and finished buying what was left in terms of assets, goodwill and so on a couple of weeks ago and we're now letting the market know and contacting customers.
“We've got very large warehouses so we're going to be stocking pretty much the full range of basic colours and sizes for all of the Rilecart spools.”
He added: “We already stock a lot of our own Presco branded spools – around 1,500 – and we've got a huge database of customers in the industry, so this is about looking to gain more market share by including the Joto Rilecart customers as well.”
Phil Di Cesare, who was director at Joto Print Finishing, has now exited the industry and a new team at Presco UK, headed up by Claire French, will look after existing customers and oversee sales of the spools.