Potential buyers have eyes on Pindar

Pindar buildings exterior - Grice House.'112720e.
Pindar buildings exterior - Grice House.'112720e.

TRADE buyers from the continent and North America are understood to be among the interested parties in Scarborough family business Pindar.

Yesterday was the deadline for indicative proposals to be submitted after group chairman Andrew Pindar appointed advisors at KPMG to find a buyer or investors.

He told the Evening News the business had been “battered and bruised” by the economic downturn, along with others in the 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.

Last year the company, which started in Scarborough in 1836 and employs 480 people, reported a pre-tax loss of £1.4 million on a turnover of £58.6 million.

The firm also has a £19.5m deficit in its pension scheme that is likely to be a deterrent to potential investors, but Mr Pindar told PrintWeek he did not view it as a deal-breaker. “How people analyse an investment is up to them, not me,” he said.

Earlier this year, the business secured fresh backing from HSBC and Mr Pindar said he was hopeful about turning around the fortunes of the business.

However, he said that subsequent competitor behaviour in the market had made things “impossible”.