Wales-based printer Creative Print and Design has gone into administration after its Scandinavian owner pulled the plug on the business.
CPD, which is the UK's only remaining long-grain book printer, is now in the hands of administrators BDO Stoy Hayward, with a decision on its 55 staff due imminently.
BDO Stoy Hayward joint administrator and business restructuring partner Graham Randall said: "We have conducted an immediate review of the business with particular regard to its financial and resource requirements and it is with regret that we have had to make 15 employees redundant with immediate effect. We will continue to monitor the position over the next few days whilst seeking a buyer for the business."
The staff will fulfill all current orders, which is expected to take 14 days, according to reports.
Nørhaven acquired CPD in January 2006, but it is understood that the business had been losing money and was not considered a good strategic fit for parent company Nørhaven A/S, one of the biggest book producers in Scandinavia.
The news follows CPD's recent consolidation of its print sites into a single south Wales facility, said to have "greatly improved efficiency" by Nørhaven-CPD group account manager David Cook.
In a separate move, Nørhaven has also decided to end its activities with paper manufacturing through its Polish subsidiary Skolwin Paper International, with a separate announcement due from Skolwin management about the company's future.
Nørhaven will consolidate its Danish and Norwegian core activities by focusing on the development of Nørhaven Paperback A/S and Nørhaven Book A/S, together with associated activities in AIT Trondheim AS and NordBook AS.
Source: printweek
CPD, which is the UK's only remaining long-grain book printer, is now in the hands of administrators BDO Stoy Hayward, with a decision on its 55 staff due imminently.
BDO Stoy Hayward joint administrator and business restructuring partner Graham Randall said: "We have conducted an immediate review of the business with particular regard to its financial and resource requirements and it is with regret that we have had to make 15 employees redundant with immediate effect. We will continue to monitor the position over the next few days whilst seeking a buyer for the business."
The staff will fulfill all current orders, which is expected to take 14 days, according to reports.
Nørhaven acquired CPD in January 2006, but it is understood that the business had been losing money and was not considered a good strategic fit for parent company Nørhaven A/S, one of the biggest book producers in Scandinavia.
The news follows CPD's recent consolidation of its print sites into a single south Wales facility, said to have "greatly improved efficiency" by Nørhaven-CPD group account manager David Cook.
In a separate move, Nørhaven has also decided to end its activities with paper manufacturing through its Polish subsidiary Skolwin Paper International, with a separate announcement due from Skolwin management about the company's future.
Nørhaven will consolidate its Danish and Norwegian core activities by focusing on the development of Nørhaven Paperback A/S and Nørhaven Book A/S, together with associated activities in AIT Trondheim AS and NordBook AS.
Source: printweek
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