The Yorkshire Post yesterday reported that “hundreds of staff have been made redundant at one of Scarborough's best-known companies after it fell into administration this morning.”
Specialist corporate restructuring company FRP Advisory has been appointed at YM Group's Pindar (Scarborough) Ltd in Eastfield, YM Chantry Ltd in Wakefield and York Mailing Ltd in York.
According to the Yorkshire Post, all operations at the sites have ceased and all of the company's staff have been sent home and made redundant.
FRP said the appointment followed “a significant period of challenging trading that had been exacerbated by the impact of the pandemic and rising input prices. The companies had been subject to an accelerated marketing process in recent weeks to secure a buyer.
“However, without the prospect of investment or a sale, the companies have ceased to operate and the majority of 512 staff have been made redundant. A small number of staff have been retained to assist the Joint Administrators in their duties.”
As reported by PrintWeek, the Joint Administrators will now make asset disposals “while supporting impacted staff in making claims to the Redundancy Payments Services”.
Phil Pierce, partner at FRP Advisory, said: “This has been an incredibly challenging period for the printing sector and York Mailing, YM Chantry and Pindar are no longer able to continue trading. Regrettably, the insolvency has led to redundancies at what we know will be an extremely difficult time. We will work with staff to access redundancy support.”
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