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Entrepreneurs buy Yorkshire printing firm
TWO print entrepreneurs have bought Yorkshire printer Wright Printing Services (WPS).
Ian Wright and Emma Dutton who previously led a successful MBO of printing firm Harlands of Hull, have bought the Rotherham firm for an undisclosed sum.
The deal, structured by Richard Feltham of Garbutt & Elliott, sees the duo acquire 87.5 per cent of the equity in the firm from the son and daughter of the company's founders.
Nigel Dace and Alison Murrie, whose parents Keith and Joyce Dace established the firm in 1970, have run the business since 1986. Over the past four decades the family has grown the business from a general printer into a trade-only specialist, which has a 4.5m turnover.
Mr Wright said: "WPS is a great business with even better potential. To be able to lead the firm forward, with the full support of the existing management is a really exciting opportunity for us, and we want to ensure the founders would be proud of what we achieve in the future."
WPS employs 42 full and part-time staff and occupies 26,000 sq ft premises on Hellaby Industrial Estate near Rotherham.
Clients include printers, print management, and direct marketing organisations, and through these contracts WPS prints forms, brochures and booklets for high street stores, blue chip telecoms, financial institutions and insurance companies.
It also operates an array of finishing equipment.
Richard Feltham of Garbutt & Elliott said: "The print sector as a whole has had a challenging time as rapidly changing new technology and the emergence of direct mail and marketing has totally changed the market.
"WPS has been adept at keeping ahead of these trends and remaining successful when competitors have struggled, and the involvement of an experienced investment team coupled with a strong senior management team already at WPS opens an exciting new chapter for the business."
Rachel Neems of Keeble Hawson provided legal advice to management and Mark Heyes of RBS Invoice Finance provided working capital facilities to the firm.
The deal was backed by funding from Alliance and Leicester and RBS Invoice Finance.
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Saturday 11 February 2012
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