The remaining Paperhat Group companies are all in "advanced" stages of sales processes, according to FRP Advisory, following its sale of the group's Communications subsidiary to Paragon in a pre-pack administration last week.
When Philip Watkins and Tony Wright of London-based insolvency firm FRP Advisory were appointed administrators of Paperhat Communications, it was unclear if the remaining businesses within Paperhat Group were also in administration.
However, FRP has now clarified that the rest of Paperhat Group, which includes acquisitions such as Despark and CTI Digital, are not currently subject to the administration process, but are in the advanced stages of their own accelerated sales processes.
Paperhat Group is understood to employ more than 180 members of staff.
According to Paperhat Group chief executive Tim Peppiatt, who declined to comment on proceedings, “discussions are ongoing” as to the future of his businesses.
On 9 November, the same day FRP was appointed administrator of Paperhat Communications, Peppiatt registered a new “media representation services” company called Ava & Jack on Companies House.
The business, assets and all 53 members of staff at Paperhat Communications were bought in a pre-pack deal by Paragon Group. PrintWeek is awaiting clarification on whether Paperhat Communications' subsidiary companies Paperhat Hong Kong, Paperhat USA, Paperhat (Poland) and Nirvana Solutions were part of the acquisition.