Portsmouth-based commercial printer PPG Print has been subject to a pre-pack deal, saving 12 jobs but leading to approximately 18 redundancies.
The company, based in Hilsea, appointed Gavin Savage and Vivian Bairstow of Begbies Traynor, Southampton, as joint administrators on 2 May. The business and assets were sold as a going concern to an unnamed buyer and the company will now continue to trade under the new banner of PPG Print Services.
Companies House states that PPG Print Services was incorporated on 25 April 2017 with Robert Andrew Gooch, a director of separate company PPG Print Sales, which was incorporated one-day prior, listed as director.
PrintWeek was unable to reach PPG Print Services for comment but understands that Philip Payter, director of PPG Print, is still with the business, which is operating from the same premises. Companies House lists Payter as director of PPG Print along with Carolyn Payter.
In a statement, Savage said the company had suffered financial issues due to an “unpredictable workflow”. It had also carried a lot of debt and was operating with squeezed margins in a competitive marketplace.
He said: “The management team did exactly the right thing, contacting us quickly so we were able to effect a robust plan, which safeguarded 12 jobs and gave what is a long-established business a firm footing on which to go forwards.
"Working closely within what was quite a tight timeframe, we were therefore able to ensure the business now also has proper backing, and we are optimistic that it can now flourish despite being in what is a very competitive marketplace.”
Founded more than 30 years ago, PPG produces a wide variety of print work, including brochures, business cards, flyers, posters and magazines.
Philip Payter is listed as director of a number of other companies, including PPG Design & Print, which went into administration in April 2016 and was immediately bought by Payter's PPG Print in a pre-pack administration sale.
PPG Print was incorporated on 21 April 2016, eight days prior to PPG Design and Print appointing Michael Sanders and Georgina Eason of MacIntyre Hudson as joint administrators.