Polestar, the UK’s largest independent printer, has been placed in receivership after losing a key contract with Daily Mail publisher DMG Media, putting around 1,500 jobs at risk.
PricewaterhouseCoopers (PWC) was appointed a director of Polestar, which fell under administration yesterday (Wednesday). and began the search for a potential buyer.
Zelf Hussain, Co-Director at PwC, said: “We believe there is a strong underlying business within the group and we strive to do everything possible to preserve value and maintain the business while we are looking to make a sale.
“We would be happy to have a dialogue with all interested parties and request that the supplier and customers work with us to try to provide a sustainable solution for the business. “
Polestar prints approximately 50 million magazines per week, including various titles from DMG Media, Hello !, Radio Times and Grazia.
Polestar’s financial woes appear to have stabilized when it was acquired last month by Swedish private equity firm Proventus Capital Partner, one of its main lenders. But DMG Media has said it will not transfer its contract.
Polestar, experienced financial problems due to the drop in newspaper and magazine sales. Over the past ten years, it has grown from 28 sites to seven sites.
In 2011, his financial problems forced the Pension Protection Fund to resume its pension scheme.
Polestar was established in 1998 when the British Printing Company, formerly owned by Robert Maxwell, merged with the printer Watmoughs.
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