News
Deadline of days for B&T rescue bid
A proposed offer from former management to buy closed book printer Butler and Tanner (B&T) must be submitted by the end of the week, according to the company's administrator.
Former employees of the colour book printer are pinning their hopes on the surprise proposed bid by director Kevin Sarney, supported by two fellow directors, and former managing director Peter Maunder.
However, administrator Peter Kubik, who was appointed by B&T parent company MPI last Thursday as union Unite sought a High Court petition to put the company into administration, has said the deal needs to be on the table in the next few days.
"There are big overheads at the site, including the lease on the building and the cost of the security team in place to protect the assets. I need to see some money soon," he said.
Finance was yet to be secured for the bid as PrintWeek went to press on Tuesday, but Sarney said he was confident the team would get its offer in before the deadline.
"The timetable is feasible," he told PrintWeek. "We are talking with investors at the moment with an eye to purchasing the business as a going concern."
Unite national officer Ann Field said: "Unite reps and officials met the management team leading the prospective bid for Butler and Tanner Printers Ltd today.
"We listened to their plans with interest and hope they will secure the necessary finance to enable colour book manufacture to continue in the South West. Unite welcomes any move which is seriously intended to keep book
manufacture and jobs in the UK."
If a bid is tabled, it will be up to administrators Andrew Andronikou and Peter Kubik, of UHY Hacker Young, to decide whether it represents the best value to the company's creditors.
Mike Dolan, chairman of B&T's parent company MPI, said he was aware of a potential bid and held Sarney in "high regard".
Dolan had previously rejected a bid for the company, believing an "orderly dissolution" offered the best result for the company's unsecured creditors.
The news comes as Dolan confirmed that the Friary Press, which was based at the B&T site in Frome, Somerset, was in the process of being relocated to the company's Goodman Baylis site in Worcester.
Jeff Hayes, former managing director at B&T, will become managing director of the Friary Press.
Kubik: has set a deadline for a bid
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Comments
reggie reynolds - 14 May 2008
cant see the friary crew sticking that journey for very long. LONG LIVE B+T
kba topdog kba topdog - 14 May 2008
i kno they wont....and after dolan fks them over....where will they be expected to move after that...down town beirut???
Mark Hutton - 14 May 2008
In my opinion despite Mr Dolans assurances there are not enough assets on the Frome site to cover the creditors and an "orderly dissolution" is far from the best way forward.
Much of the machinery is leased and the site is not company owned and has a landlord.
Surely the best solution is for the administrators to seriously consider the bid from Kevin Sarney and his backers thus securing jobs and providing publishers with an option to get large sheet books and account/commercial work produced on their own doorstep.
BT Meatman - 14 May 2008
Well said henry !!!!!
reggie reynolds - 14 May 2008
Well said Mark I for one would be willing to work for "the new butler and tanner" if circumstance prevails and things get run properly
BT Meatman - 14 May 2008
Here Here Reggie everyone who gets chance to work there would certainly want to make a go of it and make Dopey Dolan a bigger muppet than hes already made himself look.
reggie reynolds - 14 May 2008
well said meatman. where do I sign
BT Meatman - 14 May 2008
On the dotted line kid !
kba topdog kba topdog - 14 May 2008
wouldnt it be great if it was a success and the workforce could be seen urinating on mr dolans firework!! in my opinion.
mark hamblin - 14 May 2008
long live rupert bear
meer kat - 14 May 2008
rupert bear whaaaaaaaaaa thee hell
meer kat - 14 May 2008
jeff hayes former managing director what thee hell my cocker spaniel has more backbone than that puppet!
ginger dyer - 14 May 2008
you don't mean jeff "yes mike" hayes surely
now theres money wasted,we ought to be able to claim for money taken under false pretences!!!
Jon Fennell - 14 May 2008
Fingers crossed the deal works for all even if its on a reduced level. May B&T live on. Good Luck
Jack Sheperd - 14 May 2008
Message to Kevin and his team
There are people out here wishing you all the best and if you need assistance then get in touch.
I have a team that have turned around several print companies before so shout if you need help.
ATB Jack
STEVEN ROGERS - 15 May 2008
1 broken printer a couple of slow binders a wirestitcher and a packing machineyoull have your work cut out keeping up with that lot jeff
Craig Halford - 15 May 2008
Jeff, I have a lovely set of jumbo colouring pens for you, im sure your pretty pie charts,bar charts, graphs are up and running !
ps: Better ask mike 1st though.
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