The Channel logo

News

By | Paul Kunert 6th May 2014 12:40

Paragon Group consumes tits-up print house Service Point

More than 400 jobs saved as London-based biz bought from receivers

Specialist print biz Paragon Group has acquired Service Point UK, saving the jobs of "more than" 400 staff less than a fortnight after it was placed into administration.

Directors at loss-making Service Point, Michael Barton-Harvey and Clayton Lee, called in the receivers on 24 April, according to a filing at Companies House

London-based Paragon confirmed in a statement that the UK business was placed on the market earlier this year "after our Spanish parent company could not restructure significant debt".

"We spent a grew deal of time working to find a new buyer for the business and appointed professional advisors to support us. We explored every avenue to achieve the best possible outcome."

The statement failed to mention the periodic administration nor the buy price but added, "the acquisition marks a new chapter for our business and will allow us to provide continuity of service to our national client base".

The most recently filed results for Service Point show sales in the year to 31 December 2012 declined to £40.4m from £44.9m in the prior year, as operating profit crossed the finishing post at £78k, down from £450k.

But after expenses including a provision against inter company receivables, charges from parent undertaking and restructuring were accounted for, the firm made an operating loss of £3.7m versus an operating loss of £1.53m in the previous calendar year when it coughed £1.78m in charges.

In 2012 the group employed 559 heads, and Service Point said "more than 400" of its staffers were kept on the payroll by Paragon, which creates bespoke print for clients in the automotive, hotels and hospitality, insurance and finance and public sector verticals.

Neither Service Point and Paragon were available to comment at the time of writing. ®

alert Send corrections

Opinion

Privacy image

Frank Jennings

Two working parties, ministers galore... but data transfer law remains in limbo
EMC_Unity_bezel

Chris Evans

It does simplify the hardware setup, whatever it is
A microscopic view of the biometric shark skin. Pic: James Weaver

Chris Mellor

Do something and stop faffing about in the bush league

Kat Hall

International system in general needs greater transparency

Features

Nerd fail photo via Shutterstock
Shouting match
Single market vs. rest of the world
hacker
Mostly it's financial crime. Here's what all the cool kids' terms mean in English
Apple logo. Pic: Blake Patterson
Plenty of bumps in the 40-year road for Mac makers