YM’s three web offset plants: Pindar Scarborough, York Mailing and YM Chantry collapsed into administration almost a year ago, on 31 March 2022.
The latest reports from administrators FRP Advisory contain revisions on the original filings, after YM directors were given more time to bring accounting records up to date.
Directors including former YM Group CEO Stephen Goodman and CFO Lee Richardson have signed statements of concurrence/truth regarding the updated figures.
The new Statement of Affairs for YM Chantry lists DMG Media and Daily Mail print wing Harmsworth Printing as being owed £488,024 by the Wakefield web printer.
This is likely to relate to paper over usage and possible penalties during YM’s disastrous attempt to absorb the Daily Mail supplement work during Q4 2021.
Harmsworth Printing did not appear on the first report.
Other customers were listed as being owed much smaller sums. Also on the Chantry creditors’ list was Guardian News & Media, owed £9,207.
Bauer Media was owed £11,992 by Pindar Scarborough.
According to the latest reports, the shortfall at York Mailing (Holdings) Ltd related to YM backer and fixed and floating charge holder Pricoa was £62.9m.
In last year’s reports, the Pricoa shortfall was put at £51m.
FRP Advisory has also extended the administrations of Pindar Scarborough, York Mailing and YM Chantry by a year, to 31 March 2024.
According to the new filings: Pindar Scarborough owed trade creditors £5.48m, and has an estimated total deficit of £8.17m excluding Pricoa.
Pindar also had intercompany debtors of £18.75m, with likely realisations of nil.
YM Chantry owed trade creditors £7.81m, and has an estimated shortfall excluding Pricoa of £24.13m, this includes an intercompany creditor amount of £14.44m.
York Mailing owed trade creditors £2.89m, and had an estimated total deficiency of £11.94m, excluding Pricoa but including intercompany creditors of £7.87m.
The complex group structure also involves intermediate holding companies.
Top company YM Group went into administration in June 2022 following the sale of its remaining businesses.
Its accounts for the year ending 31 May 2021 were never filed.
The latest FRP filings related to YM Group show a total estimated deficiency of £83.72m, including the Pricoa shortfall, the individual shareholders who were wiped out, and £604,471 in employee claims from its nine employees.
In June 2022 Paragon Group acquired YM direct mail wing Lettershop as a going concern in a £750,000 deal that included Pricoa retaining a 20% stake in Lettershop’s Eco Mailer business.
Paragon also acquired marketing agency Go Direct Marketing as part of the transaction, but that business was immediately sold back to its former owner Adrian Scott, and reverted to being an independent operation.
