The proposal is to close the site during October 2011.
If Wyndeham Impact closes, and subject to agreement with its customers, Wyndeham Group will transfer production of the site’s work to some of its other web offset facilities. Approximately 83% of Wyndeham Impact’s work is sub-contracted from Wyndeham Group companies.
Roy Kingston, Wyndeham Group’s Chief Operating Officer, said: “Following our acquisition of the St Ives Web companies in April this year, we now have a choice of other web offset cover printing operations. After reviewing Wyndeham Impact’s financial performance, along with other principal factors such as the requirements of our customers, our manufacturing capacities, and the cost of production, it shows that the business is not sustainable as a stand-alone entity. We have reviewed a range of options to find an economic solution that would make the company viable. So far, we have been unable to find a workable business model.”
About Wyndeham Group
Wyndeham says: “Wyndeham Group is the largest commercial web offset printing business in the UK, employing 1,350 staff across manufacturing 10 sites with headquarters in London. Turnover for 2011 will be approximately £130 million. The group provides heatset web offset printing, sheet-fed printing, continuous direct mail, and pre-media services for the magazine publishing, catalogue, commercial, and public sectors. Clients include IPC Media, Condé Nast, Trader Publishing, National Magazine Co., Haymarket Media, Bauer, JD Williams, Opel, Financial Times, and The Economist Group. Wyndeham Group is owned by Walstead Investments, a privately-held turnaround specialist. Walstead embarked on a buy-and-consolidate strategy in November 2008 when it acquired Wyndeham Press Group from Landsbanki, the insolvent Icelandic bank. Subsequent acquisitions have included Southernprint (from Newsquest Media) in 2009, Apple Web (from Trader Media Group) in 2010, and St Ives Web Division (from St Ives plc) in 2011.”
