Photobition UK stages buy-out

Photobition UK directors have staged a management buy-out.

Photobition UK directors have staged a management buy-out. Ben Moss, Paul Green and Charlie Reed have merged the company’s UK graphics arms to form a private company, Service Graphics Limited. The new outfit came into effect on 31 October. The move comes in the wake of news that parent company Photobition Group has gone into administrative receivership after failing to find a solution to restructure its £103.5m debt. The new company will comprise Photobition Service Limited, Photobition Limited, Photobition Jupiter, Photobition Lea Design and about 13 offices to form a comprehensive UK network. Photobition Lea Design managing director Ian Lea said: “This is great news both for us and for the employees. The period of uncertainty has disappeared and now we are back to being a private company we can move the firm forward in the way we want to. Everyone, almost without exception, is extremely happy about it.” The buy-out is supported by founder directors Peter Reed and Mick Green and has the full backing of the Royal Bank of Scotland. Photobition Group issued its third profit warning this year on 15 October – the same day that finance director Steven Smith resigned. Shares in the company were suspended while the board discussed viable rescue operations with the bank. Arthur Andersen was called in on 31 October, the day the group was expected to publish its preliminary results for the year ending 30 June.

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