YM Group, the owner of Pindar (Scarborough) Ltd has been placed into administration.
The YM Group consists of three print firms, Pindar (Scarborough) Ltd, York Mailing Limited and YM Chantry Ltd.
The company had faced what the administrators describe as:
"a significant period of challenging trading that had been exacerbated by the impact of the pandemic and rising input prices."
The companies had been put up for sale in recent weeks with an "accelerated marketing process" put in place to try and find a buyer.
However today specialist business advisory firm FRP have been appointed as administrators. Joint administrators Phil Pierce and Philip Watkins who are partners at FRP say:
"without the prospect of investment or a sale, the companies have ceased to operate and the majority of 512 staff have been made redundant. A small number of staff have been retained to assist the Joint Administrators in their duties. "
It's believed that around 274 staff were employed at the Scarborough site.
The Joint Administrators will now make asset disposals, while supporting impacted staff in making claims to the Redundancy Payments Services.
Phil Pierce, partner at FRP Advisory, said:
“This has been an incredibly challenging period for the printing sector and York Mailing, YM Chantry and Pindar are no longer able to continue trading. Regrettably, the insolvency has led to redundancies at what we know will be an extremely difficult time. We will work with staff to access redundancy support.”
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