Update on Polestar UK Print Limited and Polestar Stones-Wheatons Limited – (“the Companies”) in administration

Published at 16:10 PM on 02 June 2016

Since their appointment on 25 April 2016, PwC administrators to Polestar UK Print Limited and Polestar Stones-Wheatons Limited (“the Companies”) have been working with parties interested in parts of the business. The administrators are very pleased to announce the going concern sale of the Chantry operations, with all 172 jobs protected.

Zelf Hussain, joint administrator and partner at PwC said:

“We are pleased to have secured a sale of the Chantry site that not only protects the employees at the site but secures value for creditors. We have been focused on doing all we can to protect as much of the business as possible, which depended on the ongoing support of employees, Unions, suppliers and a number of key customers and we thank them all for that.

“We still have significant interest in the Companies' operations at Bicester and are hopeful of securing a going concern sale of that business.” 

ENDS

Notes for editors

Zelf Hussain and Peter Dickens from PwC were appointed joint administrators to Polestar UK Print Limited and Polestar Stones-Wheatons Limited, two companies within the Polestar Group (“the Group”).

The appointment was made on 25 April 2016. The Sheffield Web and Sheffield Gravure sites have closed during the administration process and a total of 929 redundancies have been made across all sites to date.

The Polestar Group is the UK’s largest independent printing company and leading content delivery specialist, which produces more than 50 million products a week for newspaper supplements, magazines, retail and journals and reference publications.

Media contact:

Katherine Howbrook, PwC media relations, Tel: 020 7212 2711/07595 609 737, Email: [email protected]

 


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