A plucky former Paperlinx UK employee has set up a crowd funding campaign in an attempt to buy back part of the business and restore some of the jobs lost at the business.
The ex-employee, whose identity is known to PrintWeek but who has asked to remain anonymous for the time being, initially set a target of £5m, but revised this down to £500,000 in the hope that it would be a more achievable sum.
"I couldn't just see the business disappear overnight and I have friends whose pitches have gone viral, so I thought let's give it a go to try to save the business,” he told PrintWeek.
“After some feedback I decided to lower the amount which would enable people not to be put off by such a large target and to enable overfunding. I am hoping to be able to enlist a suitably experienced management team if it's successful."
The project, ‘Buyback Paperlinx UK and help to save 700 UK jobs’ is listed on the Crowdfunder website. It had received pledges for £65,162 at the time of writing and has until 19 May to reach the £500,000 target.
Administrators from Deloitte laid off 693 Paperlinx UK employees and closed 14 out of 19 branches last week.
The companies placed into administration by Deloitte includes a number of notable names in UK paper merchanting. The complete list is:
Howard Smith Paper
Howard Smith Paper Group
The M6 Paper Group
The Paper Company
PaperlinX Brands (Europe)
PaperlinX Investments (Europe)
PaperlinX Services (Europe)
PaperlinX Treasury (Europe)
Pinnacle Film & Board Sales
Precision Publishing Papers
Robert Horne Group
Robert Horne UK
Sheet & Roll Convertors
W Lunnon & Company