ONE of Scarborough’s most well-established and largest family businesses is up for sale.
Pindar is looking to find an investor or buyer for its UK printing business after reporting a pre-tax loss of £1.4m on a turnover of £58.6m last year.
The company started in Scarborough in 1836 and employs 480 people – 350 of whom are based in Eastfield. Group chairman Andrew Pindar said the business had been “battered and bruised” – along with others in the sector due to the economic downturn. He said: “We’re trying to make sure there is investment in the business from people who can continue it.
“We have a great position in the market we serve and so many things that are good, but it has been a very difficult time in our sector.”
He added that it was too soon to say how the hundreds of workers at the company’s base in Eastfield and those in Preston would be affected.
Mr Pindar has now appointed advisors at KPMG to find a buyer or investor.
He confirmed that interest had been registered from companies all over the world, saying: “We’re an attractive proposition - not just in name, but in what we do.”
The Pindar name hit the headlines earlier this year due to its involvement with the Royal Wedding preparations.
Barnard & Westwood, a separate London-based company run by Mr Pindar and fellow Scarborough businessman Nick Hartley, printed all the invitation cards, table plans, place cards and the Order of Service for the ceremony.
Scarborough’s MP Robert Goodwill said he considers Pindar to be one of Scarborough’s “big three” along with Plaxton and McCain.
He said: “Let’s hope they find a buyer who can maintain the high quality of output that Pindar produces.
“They are not just another run-of-the-mill print company - they have real, specialist expertise.
“Hopefully they will find a good buyer to build on the expertise and niche markets they have successfully carved out.”
Mr Pindar said the decision to put the business on the market had been difficult in one sense, but easy in another.
He explained: “The company is 175 years old and has been a family business for generations, which does make it hard.
“But on the other hand, we need to give the business the best opportunity for the future.
“Scarborough is my home town and we have a great love for the town and its people.
“Anything we can do to secure a way forward, we will do it.”