YM Group is new owner of Polestar Chantry
Thursday, June 2, 2016
YM Group has confirmed that the deal to rescue Polestar Chantry has been finalised.
Last week PrintWeek reported that a deal with YM Group, which is also in the running to take over Polestar’s Bicester site, was possible after workers at the Wakefield web offset site agreed to new terms and conditions.
Details included a 16% pay cut for printers and a 5% pay cut for bindery workers, together with a flexible shift pattern in the bindery. The site currently employs around 170 staff.
Today the group, which owns York Mailing in York, Pindar in Scarborough and Lettershop in Leeds, has issued PrintWeek with this statement:
“We are delighted to welcome the former Polestar Chantry operation to the YM Group.
"Despite the well documented difficulties of the Polestar Group over recent times, the Chantry operation has continued to maintain its strong reputation for quality and customer service, which is a testament to the professionalism and dedication of its workforce.
“We expect the business will continue its focus within the periodicals and publications markets, with the product offering expanding over coming months following the acquisition of additional finishing capabilities; we would also expect further significant capital investments to be announced during the remainder of 2016.
“We believe this investment, combined with the substantial print and finishing capabilities already present within the YM Group (York Mailing, Pindar Scarborough and The Lettershop Group), complimented by the marketing and data analytics business, Go Direct, means the enlarged YM Group is uniquely placed to service the needs of its current and future customers.”
No further details have been confirmed at this stage.
Meanwhile employees at Polestar Bicester are still awaiting a decision on the future of the site, with administrators PricewaterhouseCooper considering bids from YM Group and Wyndeham Group owner Walstead Investments.
PrintWeek understands that a decision was expected in the middle of this week, but nothing has so far been confirmed.