Does Wyndeham's pain hint at a possible sale?
Wednesday, April 18, 2007
Well, it looks like another bad news week for Wyndeham.
All of this, a little over a year after it merged the two operations and some 20 months after it paid £5m for large-format specialist Blacketts.
By my reckoning, this latest closure will bring the number of jobs that the firm has shed in the past 12 months to around 350 or 20% of its workforce.
There’s no doubt that, although clearly this is awful news for the affected staff, Wyndeham will be a leaner and fitter operation post-restucture. But what does the future hold for the firm?
Around the time that 365 (the media group born out of Dagsbrún) sold a 64% stake in the UK print group to Icelandic-based investment house FL Group and Landsbanki, a few City insiders speculated that the new owners wouldn’t necessarily be in for the long haul. Instead, they wondered if the new owners would be looking for a relatively fast turnaround and sale of their investment? Of course, this is all just conjecture and I guess only time will tell if the restructure is being driven by a larger plan. Wyndeham isn’t the only large UK print group grabbing the headlines this week.
St Ives has released its first-half results, which showed that pre-tax profits dipped even though turnover rose.
However, one of the most interesting statistics was buried in the report’s notes: namely that its defence of the Tangent bid last year cost the firm £750,000.
Little wonder that St Ives’ board seemed to treat the audacious bid with such disdain.
Darryl Danielli is editor of PrintWeek.