News
Pindar to sell Cooper Clegg
Pindar is to sell its Tewkesbury-based magazine printing arm, Cooper Clegg, to secure the site's "longer term success and future stability".
The announcement comes just 18 months after the catalogue printing specialist bought the then ailing operation from owner Ian Cooper.
Ernst & Young has been appointed to handle the sale and according to Pindar chairman Andrew Pindar, it is in early discussions with a number of potential trade buyers although no deal has been secured.
In a statement, the firm said that "Pindar believes that Cooper Clegg can be a profitable business, but the current market conditions in publishing and the long-term investment required to remain competitive, mean limited returns for shareholders."
Andrew Pindar cited "unsustainable pricing" in the sector as one of the key drivers for wanting to exit magazine printing, which is non-core to its primary catalogue business.
According to the firm, Cooper Clegg, which posted a turnover of £40m and pre-tax profit of £1.5m in 2007, would fit better "with an organisation which has a larger presence in the publishing market or a publisher looking for a guaranteed supply chain".
The deal comes hot on the heels of Pindar's sale of its Pinder Set business to Yell in July.
For more on Pindar's sale of Cooper Clegg, see this Friday's edition of PrintWeek.
Cooper and Pindar during the sale of Cooper Clegg to Pindar 18 months ago
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Comments
lordof weboffset - 30 September 2008
The whole industry was amazed that Andrew Pindar bought the company in the first place. Ian Cooper could not believe his luck!
So what happens now? It's all old kit, apart from a new binder that was purchased with the help of an insurance claim. It's losing customers, as it struggles to compete with the big guns within the industry. The sales Director has left to sell paper, co-incidence?
I fear that the company will be looked over and picked over, but no one will actually buy it, as what is there to buy? It will need millions spending on reinvestment, I have heard about £35m? Who could buy it or would want to buy it. Who could afford it?
Maybe Mr. Madejski could put his hand into his deep pockets, seeing as he seems to run the web offset printers charitable trust! Perhaps a print management company would like to put its money where its mouth is? Mr. Biltcliffe?
I really hope someone does step in to buy the company, but fear that it will not happen and Cooper Clegg will join a long list of ex web offset companies. Our thoughts then turn to the staff at the company. Good luck to you all.
Nirav Morvan - 30 September 2008
Well Mr Lord of Weboffset you're missing the whole point of PM there, owning a print site just makes you another printer with presses to fill. The whole beauty of being a PM company is to be able to offer solutions to a company without the contstraints of machinery or the need to repay the huge bank loans and overheads needed to run the machinery.
You are right though who on earth would want to buy CC, very dated kit and no true USP on offer.
Phil Glossop 07951 166652 - 30 September 2008
It would be a real shame, i have worked with the staff at Cooper Clegg in the past and found them to be excellent people and excellent printers. If any of the sales staff want to give me a call i would be happy to talk to them!
Phil Glossop Sales Director Woodford Litho
07951 166652
Simon Biltcliffe- Webmart - 30 September 2008
Pindar seems to have realised the error of it's ways- the place was kept going on the charisma and guile of Ian Cooper for many years and without that \( and without new investment) there is no way forward. Sadly this was going to happen without strong, committed & present leadership \( have you driven from Scarborough to Tewksbury- you can only imagine the "joy" of the Pindar management team at the prospect on a weekly basis...) Wish all the best to the team Simon Biltcliffe MD WEBMART
Gary Smith - 30 September 2008
It's a shame that a once high quality printer looks like it's fighing. like so many, to stay in existence.
I would guess anything worth having has been already moved out to Pindar, who knows... What with so many modern presses in place now, good quality print to a certain extent has been de-skilled with all the on press controls, its far less of a dark art, you mentioned above no USP, unless you count liable to flood!
I only hope Pindar hasn't stripped it of any contracts of worth and left the staff high and dry!
The Mighty wind - 01 October 2008
shame
steve gillett - 02 October 2008
Our kit may be outdated but we can still produce a good book on time.
Lets hope pindar and all those who run us down dont forget the workers as we try to survive in the bleak future ahead.
neil watkins - 02 October 2008
As the vultures circle I hope the industry does not forget that we can produce some of the best quality web offset print in the Uk on our as some people seem to think "outdated Kit".We produce quality print for some of the most demanding print users in the Uk \(you know who they are if you know print).The dedication and skill levels at Pindar Tewkesbury \(Cooper Clegg) are un equalled in the industry .We are at the forfront of colour /proof management and our presses and bindery equipment are maintained to the highest standards . If someone does not take this opportunity to purchase the buisness I fear for the future of the Uk web offset market. N .Watkins.
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