Business

Heanorgate could close its doors for the last time today (Friday 29 August) barring an improbable eleventh hour rescue bid, after administrator Grant Thornton admitted a sale as a going concern was "unlikely".

Joint administrator John Whitfield revealed on Tuesday (26 August) that King Sturge had been appointed to arrange disposal of the Derbyshire-based company’s assets, as time runs out for the commercial printer to find a buyer.

He said: "The appointment of King Sturge is indicative that we are not hopeful of selling the business as a going concern."

Whitfield confirmed that, as of Tuesday, 24 of the company’s 51 staff had been made redundant and that further redundancies would be made imminently once work in progress is completed.

Heanorgate is understood to have enough work left to see out the rest of this week.

The announcement was made on the same day that neighbouring magazine printer Buxton Press registered its interest in the company’s commercial and fixed assets.

Buxton chief executive Bernard Galloway stressed that although he had been in touch with some of Heanorgate’s key staff, he was not interested in the business as a going concern. He said: "We are interested in the commercial assets of Heanorgate and certain fixed assets.

"The name of the game today is consolidation of the printing industry."

Unite assistant general secretary Tony Burke described the outcome as another major blow for the printing industry.

He said: "The industry’s looking very bad at the moment and we hope that there’ll be some upturn shortly to relieve us of these job losses and closures."

King Sturge will auction off kit from Heanorgate including a 1995 Manroland 704-3B four-colour perfector, from 16 to 18 September.

Heanorgate called in the administrators on 14 August, three years after it was sold in a management buyout.