Pindar printing firm in Scarborough goes into administration
It's after a significant period of 'challenging trading' that had been exacerbated by the pandemic and rising input prices
Last updated 1st Apr 2022
A printing firm in Scarborough has gone into administration with majority of staff being made redundant.
Pindar, which is part of YM Group, has ceased trading from today (Thursday 31 March). They are one of three others across Yorkshire with York Mailing Limited and YM Chantry, based in Wakefield, also being affected.
Phil Pierce and Philip Watkins, Partners at specialist business advisory firm FRP, were appointed as Joint Administrators to the three print providers.
In a statement, they said:
"The appointments have been made to York Mailing Limited, YM Chantry Ltd and Pindar (Scarborough) Ltd (“the Companies”) and come after a significant period of challenging trading that had been exacerbated by the impact of the pandemic and rising input prices. The companies had been subject to an accelerated marketing process in recent weeks to secure a buyer.
"However, without the prospect of investment or a sale, the companies have ceased to operate and the majority of 512 staff have been made redundant. A small number of staff have been retained to assist the Joint Administrators in their duties.
"The Joint Administrators will now make asset disposals, while supporting impacted staff in making claims to the Redundancy Payments Services."
Phil Pierce, partner at FRP Advisory, added: “This has been an incredibly challenging period for the printing sector and York Mailing, YM Chantry and Pindar are no longer able to continue trading. Regrettably, the insolvency has led to redundancies at what we know will be an extremely difficult time. We will work with staff to access redundancy support.”
Mike Greene, Scarborough Borough Council chief executive, said:
“The closure of Pindar, a company with a long and illustrious history of employment in Scarborough, is a huge blow for the town. It is devastating for all those who worked there and have sadly lost their jobs this week.
“In the coming days, weeks and months, our economic development team will work with partners to support those who have been made redundant by offering advice and connecting people to other organisations that will be able to help them through these difficult times.“
Anyone affected by the closure of Pindar who would like help and advice can get more information from the council website.