Ailing printing firm seeks buyer
A PRINTING company is desperately seeking a buyer to save it from bankruptcy and the loss of "very loyal and very good staff".Sixty employees at The Wolsey Press, based in Nacton Road in Ipswich, are facing an uncertain future after their managing director, Colin Jennings, announced the printing firm is in receivership.
A PRINTING company is desperately seeking a buyer to save it from bankruptcy and the loss of "very loyal and very good staff".
Sixty employees at The Wolsey Press, based in Nacton Road in Ipswich, are facing an uncertain future after their managing director, Colin Jennings, announced the printing firm is in receivership.
The company, which was set up in 1981 and printed games such as Trivial Pursuit and Who Wants To Be A Millionaire?, will face liquidation unless a buyer is found very quickly.
It specialises in high quality fine art printing but even high-profile clients like Prince Charles, who used the company to print his watercolours, could not boost its declining sales.
Mr Jennings, who helped set up the printers, said: "I am very sad because having grown it from nothing to a £5million company and then see the company's turnover drastically reducing with the economy; it has obviously been a sad loss. We were one large family."
He said putting the company into receivership was a "very difficult decision."
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"There are 60 very loyal and very good staff here who have stayed through many difficult times to support an industry that is suffering due to world events.
"There have been several years of waiting for the good times to come."
He blamed the company's misfortune on the "poor economy" not having a chance to recover from events such as September 11, the foot-and-mouth crisis and the wars in Afghanistan and Iraq. Furthermore, printers had too many competitors and had not bargained for the success of broadband internet access.
Mr Jennings said: "The only hope is that there might be a buyer, another printer who may be interested in the skills of the staff and the company's reputation."