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News
Rivals spurn chance to buy Capital
Administrator Begbies Traynor faces an uphill battle to sell failed large-format printer Capital as a going concern after rival companies distanced themselves from a possible purchase.
However, several of the firms have said they may be interested in purchasing kit.
Begbies will now have the arduous task of picking over the pieces of a company that has been shrouded in mystery for several months.
David Hudson and Mark Fry of Begbies Traynor were appointed administrators at east London-based Capital last Thursday afternoon (26 June), shortly after staff had been told to leave the site at around 3pm.
Hudson said: “Capital’s employees had left the company prior to our arrival. Since then, we have secured the site and commenced our investigations into the company’s affairs, including the appointment of independent valuers, with a view to assessing assets and liabilities.
“We have re-employed a small number of employees to undertake a limited amount of work in progress in order to enhance realisations. We would invite all parties interested in purchasing the business or its assets to contact us as soon as possible.”
The large-format firms most likely to buy Capital, including St Ives, Augustus Martin, Creo Retail Marketing and Bezier, have told PrintWeek they are not interested.
The London Development Agency (LDA), which financially assisted Capital’s move out of the designated 2012 Olympic stadium site in Stratford last summer to new premises at Beckton waterfront, has said it is investigating what has occurred.
Although the LDA told PrintWeek it had completed payments to Capital, it added: “We are keeping track of the companies that we relocated and we have a team looking into how much involvement we can offer in terms of the administration.”
Staff have also been left in limbo because they did not receive wages for their final month of work, understood to be due on 27 June.
Staff, who have aired their anger on printweek.com’s online forums, were reported to have taken company equipment, including computers and in one case a widescreen television, when they left the site last Thursday.
The events follow a number of changes at the company. Its registered office was changed on 29 February from the factory’s Beckton address to an address in Holland Park, west London, then to an address in Mayfair on 20 March. Both addresses are understood to be managed mailboxes.
Entrepreneur Myles Bunyard also appeared on company records briefly as a director in February.
Phones at Beckton are not being answered and managing director David Gill declined to comment on the situation.
CAPITAL TIMELINE
May ’04 Capital Print & Display moves to £10m site at Marshgate Lane, Stratford
Jul ’05 London wins 2012 Olympic Games; Capital Print & Display learns it must move to a new purpose-built site
Jun ’07 Capital Print & Display rebrands as Capital and moves to £14m Beckton site
Jul ’07 Stratford site demolished to make way for 2012 Games
Aug ’07 David Gill outlines five-year plan to reach £60m sales
Feb ’08 Myles Bunyard appears briefly on Companies House records as a director of the firm
Jun ’08 Company put into administration; LDA investigates
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Comments
DAVID SHAW - 04 July 2008
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Simon Biltcliffe- Webmart - 04 July 2008
Lions led by greedy donkeys....
They deserved better & hopefully where they are finding new employ will treat them with the respect that any hard-working employees deserve; whatever the market conditions are.
As our PoS Production Director Lee said on the previous article of the demise, they were a good supplier to us for many years - with a supplier raking of 8.53/10 - and thankfully we had a good enough relationship with staff to ensure none of our clients were inconvenienced (the same could not be said of us WEBMARTEERS!). We hope to be working with our new suppliers in the same spirit of partnership.
May the print gods be with those who still have to find employ.
Simon Biltcliffe
MD
WEBMART Ltd
www.FreePrintSales.com
where ethical printers fill their presses*
*let us know if we are using anyone who you think may have a Gill-esque view on life please!
MRS GILL - 04 July 2008
Rav Gill
Simon I am surprised you have the audacity to comment on printers, when it is people like yourself who are to blame for the demise of printers up & down this country. We can all sit behind lovely computers and get prices from various printers, then to knock your exisiting supplier for cheaper prices, rebates (through alias companies) and 90 days to pay which oh yeah may go to 120 days as the accounts department only come in on a Thursday 3-5pm. When you employ over 150 people, been in business for 28 years and moved a factroy of our size twice in the last 4 years, then I might respect what you may have to say. Until then I would stick to tapping your manacured hands on your little keyboard. It ws never our intention not to pay our employees, however the bank froze our account, and before we knew it they had appointed Bagebys. I would just like to say it was a great pleasure to work with all of you guys, and I am really sorry it has come to this. Please believe me it was never our intention.
Rav Gill
A redundant employee !!!! - 04 July 2008
Rav,
You need to get in the real world. Webmart was a loyal, honest & credit worthy client, with whom it was a pleasure to deal with. You know yourself, that they where one of our best payers, often chasing us for invoices. You are right for once about how print management has wrecked the print industry, but webmart should not be included in that category. How remiss of you to forget that in the final week they were the only company to pay you (twice) when you needed it most, and before payments were actualy due.Yes, they got a discount for this, but that is how you and any other business would react. The question is, where did all that money go after it hit Capitals account - in to some dodgy offshore account set up to basically wreck the livelihoods of your loyal and hardworking staff. Thanks a bunch
Andy Collier - 04 July 2008
Rav Gill
Now you want us to believe your heartbreak at not paying us? How much more salt are you intending to rub into the wounds of decent working people? You are living in cloud cuckoo land like your father who this week rang certain ex Capital employees personally assuring them that they would get paid by the end of this week. Some even believed it could be true. Well its now the end of the week & guess what? No money. If your family was that concerned about paying the debt to loyal hardworking staff they would have found that money by now. Or have you already forgotten which account you put it in?
So no more crocodile tears or empty promises please, save it for the jury
Feeling lonely & unloved? Get used to it
andy hay - 05 July 2008
while you are on MRS. GILL can you return the compensation received LDA for loss of profi,t as that belongs to the company
ex Employee - 05 July 2008
What has any of this got to do with you Andy, stay out of it.
ex Employee - 05 July 2008
At the end of the day, we dont care who got what and where what went, all we care about is getting our salaries, redundency and a new job - incidently Delta are looking for staff guys !!
andy hay - 05 July 2008
i GUESS THE FIRST EX. EMPLOYEE IS mb AND i WILL NOY STAY OUT OF IT UNTIL JUSTICE IS DONE.
Andy Janes - 05 July 2008
Andy hay
How do you know what the gills have taken ? you need to stay out of this and get a life !
graham foster - 05 July 2008
I wish all the best to all capital staff
andy hay - 05 July 2008
[edited]
graham foster - 05 July 2008
[edited]
ex Employee - 05 July 2008
I have checked out bloddy Andy Hay and he is a bloody Green Grocer - stay out of it Andy !
andy nugent - 05 July 2008
As a fairly new client to Capital I am not in a position to comment on the rights and wrongs. I would simply like to wish you all the best of luck in securing new positions. I HAVE been there personally so I know what you are going through. Best of luck.
ex Employee - 05 July 2008
Delta are hiring
graham foster - 05 July 2008
[edited]
andy hay - 06 July 2008
Good honest work Myles and I know its you cos' nobody else knows me on the site,ajnd I am proud of what I do and I SAY AGAIN THE COMPENSATION CHEQUE BELONGS TO THE COMPANY so your commission cheques will have to go back to the Administrator.Oh yes Myles we are on your case big time at least the real facts are being investigated by the correct people.Let me know which HMP you are in and I will send you a basket of fruit.And David Robinson another person on this message board using an alias I will speak to you later
ex Employee - 06 July 2008
You are some kind of idiot arent you, I worked at Capital in finishing so sod off.
Dont you realise you have nothing to do with this, you are not helping you are hindering, leave us alone and let the IP help us.
graham foster - 06 July 2008
stay out green grocer
rudolpho spena - 06 July 2008
well is your shop open i need to get some bits
graham foster - 06 July 2008
can't belive how bitter andy hay is, this site is for employee's to put there point accross, not for him to try and even with one person who has nothing to do with capital, get a life Green Grocer
rudolpho spena - 06 July 2008
im looking for a job
graham foster - 06 July 2008
hey andy hay if you want to help why don't you offer some staff work at your green grocers
rudolpho spena - 06 July 2008
can i work days 6 till 2
graham foster - 06 July 2008
Im sure he would be a low payer
rudolpho spena - 06 July 2008
can we grow some vegetables at the gills plot at hatti atbower
andy hay - 06 July 2008
[edited]
graham foster - 06 July 2008
all talk big boy
ex Employee - 07 July 2008
Andy Hay needs to be banned form this forum, he is counter productive and we need our money not pathetic comments from someone who has nothing to do with the company.
ex Employee - 07 July 2008
I am sorry Andy Hay, but you think you are helping but you arent, you are simply wasting this forum on stupid arguements. So ambulance chase another company and leave us alone.
Sylvie Ciacciarelli - 07 July 2008
Ok just an update for you Guys from Capital,I have received a couple of not so nice emails, just to clarify a few things Soloman are the society of London Manufacturers I am part of the recruitment Team I have thirty years experience, placing people both Corporate and commercial Manufacturing and office skills.We have been engadged by the LDA to help people who are made redundant find work. This service is free of charge.
Also we will not charge the companies who employ you through us.so any print companies who are looking for staff you are also free to contact me.
We will try to advice you, listen to your problems and hopefully get you a job. So I am not making loads of money out of your misery I do not get commision , I just get a buzz out of you all getting the job you want, strange I know but true.
Sylvie Ciacciarelli - 07 July 2008
[edited]
Andy Collier - 07 July 2008
Hi Sylvie
I emailed you my CV on Weds 2nd. Still waiting for that call.
Andy
rudolpho spena - 07 July 2008
hi sylvie come va e tua famiglia?do u help with any kind of job or just print
rudolpho spena - 08 July 2008
hey rav can u lend me 2000£ cos im going on holiday in aug and i will be short
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