MPG shareholders attempt rescue as CUP offers hardship fund
According to a statement from Chard, administrators from BDO will be appointed at the group “on or around 19 June”. And in an unusual move the firm is also set to attempt a CVA (company voluntary arrangement) with its creditors. A number of unidentified hurdles also need to be surmounted for the deal to be successful. If successful, the reprised business would comprise the King’s Lynn site and print-on-demand operation in Bodmin. MPG’s statement in full, said: “Shareholders of MPG Printgroup have had further meetings with their Primary Lenders this week to discuss a rescue plan. “Whilst tacit approval has been given, there remain a number of hurdles the Company must overcome in the next few days with its Stakeholders and all efforts are being made to satisfy these requirements. “It is with regret that our Bar Hill facility cannot be included within the rescue plan as the funding requirements were too great. “BDO are to be appointed as Administrator on or around 19th June at which time all employees will be contacted in regard to their employment status. Simultaneously documents for a proposed CVA will be issued to all Creditors for their consideration.” MPG’s shareholders are Tony Chard and sales director Andy Simpson. Its main bankers are Lloyds TSB and HSBC. Cambridge University Press (CUP), which had been under fire over its decision to offload its print works to MPG, has now issued the following statement to PrintWeek. The university placed the blame for the current situation firmly at the feet of MPG, but said a hardship fund had been established to assist former CUP employees. “In May 2013, the management team of MPG Print Group announced that it had filed an intention to go into administration, while it attempted to restructure its business by developing a rescue plan. “We understand from MPG Print Group that their Bar Hill site does not feature in their rescue plan. MPG has said that therefore when an administrator is appointed, the staff at that site, including our former printing colleagues, will become formally redundant. “In July 2012 Cambridge University Press placed a large proportion of its UK printing with MPG. The agreement also saw the Press’s in-house printing department, and most of the printing staff, transferred to MPG. “At the time of the transfer, MPG was a well-established and profitable print organisation with many customers and three plants across the UK. We had hoped the move of the Press’s in-house printing facility to MPG would allow skilled printing staff otherwise facing redundancy to have longer-term employment in the Cambridge area. It appears that MPG found it more difficult than expected to establish its new Cambridge factory which seems to have led to its subsequent financial difficulties and ultimately the closure of their new plant. “Responsibility for the current financial crisis and the subsequent impact on staff lies with MPG. “However, our concern for our former printing colleagues has led us to consider how we might offer them support. “As a result, we will be setting aside a hardship fund to which individuals who transferred to MPG from the Press may apply for additional financial support during this difficult time. “Additionally, we will arrange for out-placement support to help equip them in finding new employment. We will be in contact with eligible...
read moreUpdated: MPG shareholders attempt rescue plan
According to a statement from Chard, administrators from BDO will be appointed at the group “on or around 19 June”. And in an unusual move the firm is also set to attempt a CVA (company voluntary arrangement) with its creditors. A number of unidentified hurdles also need to be surmounted for the deal to be successful. If successful, the reprised business would comprise the King’s Lynn site and print-on-demand operation in Bodmin. MPG’s statement in full, said: “Shareholders of MPG Printgroup have had further meetings with their Primary Lenders this week to discuss a rescue plan. “Whilst tacit approval has been given, there remain a number of hurdles the Company must overcome in the next few days with its Stakeholders and all efforts are being made to satisfy these requirements. “It is with regret that our Bar Hill facility cannot be included within the rescue plan as the funding requirements were too great. “BDO are to be appointed as Administrator on or around 19th June at which time all employees will be contacted in regard to their employment status. Simultaneously documents for a proposed CVA will be issued to all Creditors for their consideration.” MPG’s shareholders are Tony Chard and sales director Andy Simpson. Its main bankers are Lloyds TSB and HSBC. Update at 5pm: Cambridge University Press (CUP), which had been under fire over its decision to offload its print works to MPG, has now issued the following statement to PrintWeek. The university placed the blame for the current situation firmly at the feet of MPG, but said a hardship fund had been established to assist former CUP employees. “In May 2013, the management team of MPG Print Group announced that it had filed an intention to go into administration, while it attempted to restructure its business by developing a rescue plan. “We understand from MPG Print Group that their Bar Hill site does not feature in their rescue plan. MPG has said that therefore when an administrator is appointed, the staff at that site, including our former printing colleagues, will become formally redundant. “In July 2012 Cambridge University Press placed a large proportion of its UK printing with MPG. The agreement also saw the Press’s in-house printing department, and most of the printing staff, transferred to MPG. “At the time of the transfer, MPG was a well-established and profitable print organisation with many customers and three plants across the UK. We had hoped the move of the Press’s in-house printing facility to MPG would allow skilled printing staff otherwise facing redundancy to have longer-term employment in the Cambridge area. It appears that MPG found it more difficult than expected to establish its new Cambridge factory which seems to have led to its subsequent financial difficulties and ultimately the closure of their new plant. “Responsibility for the current financial crisis and the subsequent impact on staff lies with MPG. “However, our concern for our former printing colleagues has led us to consider how we might offer them support. “As a result, we will be setting aside a hardship fund to which individuals who transferred to MPG from the Press may apply for additional financial support during this difficult time. “Additionally, we will arrange for out-placement support to help equip them in finding new employment. We will be in...
read moreUpdated: MPG shareholders attempt rescue plan
According to a statement from Chard, administrators from BDO will be appointed at the group “on or around 19 June”. And in an unusual move the firm is also set to attempt a CVA (company voluntary arrangement) with its creditors. A number of unidentified hurdles also need to be surmounted for the deal to be successful. If successful, the reprised business would comprise the King’s Lynn site and print-on-demand operation in Bodmin. MPG’s statement in full, said: “Shareholders of MPG Printgroup have had further meetings with their Primary Lenders this week to discuss a rescue plan. “Whilst tacit approval has been given, there remain a number of hurdles the Company must overcome in the next few days with its Stakeholders and all efforts are being made to satisfy these requirements. “It is with regret that our Bar Hill facility cannot be included within the rescue plan as the funding requirements were too great. “BDO are to be appointed as Administrator on or around 19th June at which time all employees will be contacted in regard to their employment status. Simultaneously documents for a proposed CVA will be issued to all Creditors for their consideration.” MPG’s shareholders are Tony Chard and sales director Andy Simpson. Its main bankers are Lloyds TSB and HSBC. Update at 5pm: Cambridge University Press (CUP), which had been under fire over its decision to offload its print works to MPG, has now issued the following statement to PrintWeek. The university placed the blame for the current situation firmly at the feet of MPG, but said a hardship fund had been established to assist former CUP employees. “In May 2013, the management team of MPG Print Group announced that it had filed an intention to go into administration, while it attempted to restructure its business by developing a rescue plan. “We understand from MPG Print Group that their Bar Hill site does not feature in their rescue plan. MPG has said that therefore when an administrator is appointed, the staff at that site, including our former printing colleagues, will become formally redundant. “In July 2012 Cambridge University Press placed a large proportion of its UK printing with MPG. The agreement also saw the Press’s in-house printing department, and most of the printing staff, transferred to MPG. “At the time of the transfer, MPG was a well-established and profitable print organisation with many customers and three plants across the UK. We had hoped the move of the Press’s in-house printing facility to MPG would allow skilled printing staff otherwise facing redundancy to have longer-term employment in the Cambridge area. It appears that MPG found it more difficult than expected to establish its new Cambridge factory which seems to have led to its subsequent financial difficulties and ultimately the closure of their new plant. “Responsibility for the current financial crisis and the subsequent impact on staff lies with MPG. “However, our concern for our former printing colleagues has led us to consider how we might offer them support. “As a result, we will be setting aside a hardship fund to which individuals who transferred to MPG from the Press may apply for additional financial support during this difficult time. “Additionally, we will arrange for out-placement support to help equip them in finding new employment. We will be in...
read moreBreaking news: MPG shareholders attempt rescue plan
According to a statement from Chard, administrators from BDO will be appointed at the group “on or around 19 June”. And in an unusual move the firm is also set to attempt a CVA (company voluntary arrangement) with its creditors. A number of unidentified hurdles also need to be surmounted for the deal to be successful. If successful, the reprised business would comprise the King’s Lynn site and print-on-demand operation in Bodmin. MPG’s statement in full, said: “Shareholders of MPG Printgroup have had further meetings with their Primary Lenders this week to discuss a rescue plan. “Whilst tacit approval has been given, there remain a number of hurdles the Company must overcome in the next few days with its Stakeholders and all efforts are being made to satisfy these requirements. “It is with regret that our Bar Hill facility cannot be included within the rescue plan as the funding requirements were too great. “BDO are to be appointed as Administrator on or around 19th June at which time all employees will be contacted in regard to their employment status. Simultaneously documents for a proposed CVA will be issued to all Creditors for their consideration.” MPG’s shareholders are Tony Chard and sales director Andy Simpson. Its main bankers are Lloyds TSB and HSBC. This story will be updated....
read moreDS Smith completes eye-tracking trials
DS Smith signed a partnership at the end of last year with European research firm Eyetracker, which has developed a system of eye-tracking designed to better understand viewers’ levels of cognitive engagement with the items or scene they are viewing. The pilot tests were carried out earlier this year at DS Smith Packaging’s Impact and Innovation Centre in Ely, Cambridgeshire. Test subjects wore Eyetracker’s wireless HD glasses that track eye movements and were asked to browse two “mock-up” stands displaying a series of products displayed in RRP. Data relating to how their eyes moved across the products, essentially recording what the shopper was drawn to and how easily they were able to find what they were looking for, was then relayed to a computer. The initial data showed the ‘shoppers’ found what they were looking for 10% faster if it was displayed in RRP than otherwise. According to DS Smith it is the first time such testing with eye-tracking technology has been used to identify the effectiveness of RRP. The company is now taking the full results, details of which were not divulged, to its customers with the aim of creating more targeted branded packaging that “stands out better against its competitors”. “It is still early days, but being able to look at RRP through the eyes of the shopper is giving us some surprising results,” said Alan Potts, Insight Director at DS Smith Packaging. “The early signs are encouraging; we did demonstrate that RRP can help products stand out on the shelf during the increasingly complex shopper journey.”...
read moreDS Smith completes eye-tracking trials
DS Smith signed a partnership at the end of last year with European research firm Eyetracker, which has developed a system of eye-tracking designed to better understand viewers’ levels of cognitive engagement with the items or scene they are viewing. The pilot tests were carried out earlier this year at DS Smith Packaging’s Impact and Innovation Centre in Ely, Cambridgeshire. Test subjects wore Eyetracker’s wireless HD glasses that track eye movements and were asked to browse two “mock-up” stands displaying a series of products displayed in RRP. Data relating to how their eyes moved across the products, essentially recording what the shopper was drawn to and how easily they were able to find what they were looking for, was then relayed to a computer. The initial data showed the ‘shoppers’ found what they were looking for 10% faster if it was displayed in RRP than otherwise. According to DS Smith it is the first time such testing with eye-tracking technology has been used to identify the effectiveness of RRP. The company is now taking the full results, details of which were not divulged, to its customers with the aim of creating more targeted branded packaging that “stands out better against its competitors”. “It is still early days, but being able to look at RRP through the eyes of the shopper is giving us some surprising results,” said Alan Potts, Insight Director at DS Smith Packaging. “The early signs are encouraging; we did demonstrate that RRP can help products stand out on the shelf during the increasingly complex shopper journey.”...
read moreIndustry Trends Report: Part 1—Monthly Sales
In this four-part series, we’ll take a look at how each indicator from the Monthly Conditions Dashboard is affecting your business based on the survey results from the past 11 months. Charts are also provided to show the trends in an easy-to-read format, so you can benchmark your current market conditions with hundreds of other printers. We watch the weather each morning to help us plan what to wear and if we’re taking our umbrella to work that day (and trust that the meteorologist is accurate!). You can find a reliable “economic weather report,” the Monthly Industry Conditions Dashboard*, which is an established industry market trends report from our Economic and Market Research department that provides the information to plan your business strategies each month. How does it all work? Survey respondents provide information in five principle areas—1) Monthly Sales, 2) Sales Expectations, 3) Profits, and 4) Print and Paper Prices. Current sales and profits are compared to the previous month. Printing prices and paper prices are current month compared to 12 months earlier. Sales expectations are expectations for next month compared to the current month. Respondents are asked to report the directional change of each of the five key indicators (increasing, decreasing, or no change). See how your sales compare with the industry below. Check back in two weeks for Part 2 of the series and find out where your sales are expected to go in 2013. The findings you will read are based on March 2013 calculations using a net diffusion index, where the percentage of respondents reporting an increase is subtracted from the percentage of respondents reporting a decrease. The net diffusion index provides a simple snapshot of printers’ market perceptions for each variable. Part 1—Monthly Sales A look back over the past eleven months shows wide swings in printers’ monthly sales. With a high reading of 47.9% in October of last year and a low of –23.1% in December, and an eleven-month average of 10.8%. This 10.8% sales diffusion index reading is consistent with our quarterly findings of modest growth in 2012. The latest reading of 36.9 in March shows that printers’ sales generally trended higher in March, so the typical printer is experiencing modestly rising sales. As forecasted in our Charting a Path for 2013–2014 report, we expect stronger industry sales in the first quarter of 2013 and growth to taper off slightly throughout the year. Printing Industries of America members respond to the survey to uncover some of the key areas of their business to develop the Monthly Industry Conditions Dashboard from the Economic and Market Research department. With regular updates on current market trends, printers are better able to benchmark their business, prepare, and make more informed decisions to improve their bottom line. To participate in the May 2013 survey and learn more, go to www.printing.org/surveys. All individual company information will be kept confidential. For questions, contact Ed Gleeson at rdavis@printing.org. Check back in two weeks for Part 2 of the series and find out where your sales are expected to go in 2013. *Click here to visit the Monthly Industry Conditions Dashboard—log in using the username and password...
read moreIndustry Trends Report: Part 1—Monthly Sales
In this four-part series, we’ll take a look at how each indicator from the Monthly Conditions Dashboard is affecting your business based on the survey results from the past 11 months. Charts are also provided to show the trends in an easy-to-read format, so you can benchmark your current market conditions with hundreds of other printers. We watch the weather each morning to help us plan what to wear and if we’re taking our umbrella to work that day (and trust that the meteorologist is accurate!). You can find a reliable “economic weather report,” the Monthly Industry Conditions Dashboard*, which is an established industry market trends report from our Economic and Market Research department that provides the information to plan your business strategies each month. How does it all work? Survey respondents provide information in five principle areas—1) Monthly Sales, 2) Sales Expectations, 3) Profits, and 4) Print and Paper Prices. Current sales and profits are compared to the previous month. Printing prices and paper prices are current month compared to 12 months earlier. Sales expectations are expectations for next month compared to the current month. Respondents are asked to report the directional change of each of the five key indicators (increasing, decreasing, or no change). See how your sales compare with the industry below. Check back in two weeks for Part 2 of the series and find out where your sales are expected to go in 2013. The findings you will read are based on March 2013 calculations using a net diffusion index, where the percentage of respondents reporting an increase is subtracted from the percentage of respondents reporting a decrease. The net diffusion index provides a simple snapshot of printers’ market perceptions for each variable. Part 1—Monthly Sales A look back over the past eleven months shows wide swings in printers’ monthly sales. With a high reading of 47.9% in October of last year and a low of –23.1% in December, and an eleven-month average of 10.8%. This 10.8% sales diffusion index reading is consistent with our quarterly findings of modest growth in 2012. The latest reading of 36.9 in March shows that printers’ sales generally trended higher in March, so the typical printer is experiencing modestly rising sales. As forecasted in our Charting a Path for 2013–2014 report, we expect stronger industry sales in the first quarter of 2013 and growth to taper off slightly throughout the year. Printing Industries of America members respond to the survey to uncover some of the key areas of their business to develop the Monthly Industry Conditions Dashboard from the Economic and Market Research department. With regular updates on current market trends, printers are better able to benchmark their business, prepare, and make more informed decisions to improve their bottom line. To participate in the May 2013 survey and learn more, go to www.printing.org/surveys. All individual company information will be kept confidential. For questions, contact Ed Gleeson at rdavis@printing.org. Check back in two weeks for Part 2 of the series and find out where your sales are expected to go in 2013. *Click here to visit the Monthly Industry Conditions Dashboard—log in using the username and password...
read morePressOn installs EFI Vutek QS2 Pro as part of £600,000 spend
The Vutek is the third investment to be made as part of this push. A period of growth over the last 24 months and in particular in the last 12, has also seen the company invest in a Kongsberg XPi 24 digital cutter, in August 2012, and a Supracoater 1600 liquid laminator, last December. The Vutek joins PressOn’s arsenal of latex printers, an HP LX850, HP LS6500 and HP L25500, and its HPZ6100 and DuPont Cromaprint 22UV UV-curable large format printers. The machine was chosen for its in-line multi-layer print capability and greyscale technology with variable droplets and for its ability to print pure white ink on coloured substrates. The Vutek will be linked to PressOn’s existing GMG colour management software. Joint founding managing director of PressOn, Andy Wilson commented: “Our customers have always insisted upon high quality print from us, but the demand for the absolute best image quality has become more and more evident. To continue to satisfy customers in this higher premium market we needed a machine that was flexible, could print on any substrate even on heavily textured materials. With the tight deadlines our customers need, high production speeds were extremely important too.” Robin East, sales and marketing director at supplier CMYUK added: “Combining true greyscale capability with a very wide colour gamut is complemented by the Vutek QS2 Pro’s versatility on rigid and flexible materials, plus its optimised ink usage for lower costs per print.” PressOn reported that further investments would be made later this month to complete this investment phase. Company turnover, which increased by 38% from 2011 to 2012, is expected to increase by 10% per annum for the next three years as a result of the investments....
read morePressOn installs EFI Vutek QS2 Pro as part of £600,000 spend
The Vutek is the third investment to be made as part of this push. A period of growth over the last 24 months and in particular in the last 12, has also seen the company invest in a Kongsberg XPi 24 digital cutter, in August 2012, and a Supracoater 1600 liquid laminator, last December. The Vutek joins PressOn’s arsenal of latex printers, an HP LX850, HP LS6500 and HP L25500, and its HPZ6100 and DuPont Cromaprint 22UV UV-curable large format printers. The machine was chosen for its in-line multi-layer print capability and greyscale technology with variable droplets and for its ability to print pure white ink on coloured substrates. The Vutek will be linked to PressOn’s existing GMG colour management software. Joint founding managing director of PressOn, Andy Wilson commented: “Our customers have always insisted upon high quality print from us, but the demand for the absolute best image quality has become more and more evident. To continue to satisfy customers in this higher premium market we needed a machine that was flexible, could print on any substrate even on heavily textured materials. With the tight deadlines our customers need, high production speeds were extremely important too.” Robin East, sales and marketing director at supplier CMYUK added: “Combining true greyscale capability with a very wide colour gamut is complemented by the Vutek QS2 Pro’s versatility on rigid and flexible materials, plus its optimised ink usage for lower costs per print.” PressOn reported that further investments would be made later this month to complete this investment phase. Company turnover, which increased by 38% from 2011 to 2012, is expected to increase by 10% per annum for the next three years as a result of the investments....
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