RSM UK Restructuring Advisory LLP has accepted an offer from a consortium of trade finishers for the business and assets of Celloglas Ltd. This will result in one of the most comprehensive ranges of postpress services becoming available for customers in the UK.
Dara Changizi, a personal investor in this venture and also director of ACA, says, “I see synergies for our respective companies moving forward. By working together, we become a more sustainable operation with reduced overheads, a broader spread of services and expertise to support customers.”
Celloglas has sites in Leeds, Leicester and Reading. ACA has a base in Glasgow.
Celloglas is well established in coatings, lamination, foiling, die-cutting and folder make up. The deal means that all equipment and intellectual property, including the Mirri brand, will be retained.
Changizi, Ian Fergusson and Richard Pinkney will all be stakeholders and directors of the new Celloglas and all 74 staff look set to remain.
Pinkney adds, “The losses sustained and the borrowings raised just to get the business through the pandemic, followed by a tripling of energy costs in late 2023 and a hike in the cost of living, put Celloglas in an impossible position . The team tried everything to trade through this period and to recover. We reduced headcount by 20% during COVID, sold surplus plant and attempted to refinance the business. However, once it became clear that refinancing was not a viable option and our bank could offer no further support, we had no choice but to engage RSM and look for new investors. Unfortunately, the last year has seen the demise of many postpress trade houses. We sincerely apologise to suppliers that have been left unpaid. We have had good relationship with customers and suppliers and will do what we can to ensure they get the fairest outcome. It’s also clearly been a difficult time for our staff and we appreciate their loyalty and patience, despite uncertainty during the sale period. Their support has helped maintain customer service standards throughout.”
