BOSSES at Pindar are expecting to announce the sale of the business imminently.
The print firm, which is one of Scarborough’s largest family businesses and one of the town’s biggest employers, was put up for sale earlier this month.
Pindar is hoping to find a complete or partial buyer after reporting a loss of £1.4 million on a turnover of £58.6 million last year.
The company’s chairman Andrew Pindar has stressed the company is not in administration, and that he “anticipates a complete or partial disposal of the businesses” this week.
He said: “We are going through a process that began earlier this month and are coming towards the end of that.
“I appointed KPMG to conduct a sale process because you can’t sell a business of this complexity without advice, so there are a number of advisers on-site who are part of the presentations being made to interested parties.”
The news will mark out the future of the company’s 480 staff, 350 of which work at the Eastfield headquarters.
The deal will include Pindar PLC’s sheetfed printing operation in Preston as well as the firm’s web offset facility in Scarborough.
York Mailing and RR Donnelley have been tipped as potential purchasers for some parts of the Pindar operations.
The decision to sell the company, which was founded in Scarborough in 1836, was a difficult one for the Pindar family.
Speaking about the move chairman Tom Pindar, who is the third generation of Pindars to run the business, said they were left with no choice but to be realistic about the current market conditions.
He said: “The whole situation is not what you would want nor what you plan for but you have to be realistic in life.
“Historically there has been a summer slump in our industry. There has been this quiet period each year due to the catalogue printing calendar.
“This year the quiet period has been felt deeper because of the recession and because we have had to lower our prices during the rest of the year to remain competitive.
“So far we have lasted better than anyone else as all our major competitors have gone or have been reformed.
“Now we are trying to link up with someone who isn’t as affected by the summer slump to eliminate the impact we feel.
“If we just do nothing our company will just go on until there is nothing left. That is not what we want. You want the place buzzing and you want people still in jobs.
“The biggest aim is to make sure that all our good people and the equipment are still in use.
“That is what Andrew is working very hard to achieve.”