Historic Scarborough printing firm Pindar 'up for sale' as parent company files for administration and seeks buyer

Pindar House at the Eastfield industrial estate could face administration.

Trade publication Printweek said YM Group filed Notices of Intention (NOI) at the High Court on Friday March 25 to appoint administrators for its subsidiaries Pindar (Scarborough) Ltd in Eastfield, YM Chantry Ltd in Wakefield and York Mailing Ltd in York.

However, it also reports that the printing firm has brought in specialist corporate restructuring company FRP Advisory as it searches for a buyer for the three subsidiary businesses.

YM Group's CEO Stephen Goodman told the trade press that it was by no means certain that administrators would actually be appointed and that the NOI was purely "procedural".

Family-run business Pindar was sold to YM Group in 2011 after entering administration.

When contacted by The Scarborough News, a YM Group spokesperson said that the companies are "up for sale", but that it is "business as usual". Mr Goodman was unavailable for comment.

It is unclear at this stage whether there will be any redundancies at the Scarborough branch of the company.

Printweek has also reported that YM Group has assured its staff that they will be paid this month, ahead of a deadline in the fast-track sale process at the end of this week.

YM Group has reportedly circulated an announcement to employees that said there are potential buyers interested in the business, but encouraged staff to work "business as usual" and "ensure customers are looked after during this difficult time".

Pindar's parent company has filed to appoint administrators.

In its most recent accounts for the financial year to May 31 2020, Pindar had sales of £55.3m and made an operating profit of £613,000 while employing 274 staff.

Post-tax profit fell to £155,000 from £1.3m in 2019, which was due to the coronavirus pandemic, the company said.

It is understood that national newspapers and magazines with weekly supplements printed at the group’s sites include Daily Mail publisher DMG Media, Bauer Media, Guardian News & Media and Reach.

At York Mailing’s Elvington factory a blockade has been constructed by a disgruntled creditor amid fears the printing firm could enter administration.

North Yorkshire Police were called to the stand-off, but viewed the incident as a civil matter on private land and so did not intervene, York newspaper The Press reported.

Pindar's History

Dating back to 1836, Pindar was a family-run business that had owned it for four generations.

It is best known for its printing and mailing of high-quality colour-critical catalogues.

In early July 2011, the then-Director Andrew Pindar put its UK printing business up for sale after struggling in the web offset sector.

By late July Pindar entered administration and the Scarborough site was sold to YM Group.