The High Court told Printweek yesterday (11 December) that the directors of Ipswich web and sheetfed printer Ancient House Press Ltd intended to appoint Lee Michael De’ath and Thomas William Gardiner of Begbies Traynor (Central) Colchester.
Begbies Traynor was approached for comment but it said it would not be able to provide any comment or information at this stage.
Printweek understands Ancient House’s credit cover was recently pulled, with employees at the company reassuring worried suppliers that the situation would be quickly resolved.
Sameer Rizvi, founder and CEO of investment company RDCP Group, which acquired Ancient House in 2021, told Printweek today that Ancient House Press Ltd is undergoing a corporate restructure, which is being supported by its secured lender Novuna and asset finance provider Close Brothers.
He said the restructure process would be completed by 10 January 2025, “with the goal of right-sizing the business and the balance sheet”.
“There will be minimal redundancies as part of this process, and there will not be any impact on operations,” Rizvi added.
“All of our clients and all key suppliers will continue to be supported, and it will be business as usual across the board.”
Rizvi said the process was being managed by Interpath Advisory, led by Richard Harrison, Sarah Balsom and their team as the sole insolvency practitioner involved in the process moving forward, and that Begbies Traynor “will not be involved in the process”.
He said Novuna had decided to proceed with Interpath Advisory after careful consideration, and that they had “a strong track record in executing accelerated restructuring processes”.
Rizvi further told Printweek the business was continuing to take on new work and has a strong order book going into Q1 2025.
According to the plant list on its website, Ancient House Press operates two Komori System 38S 16pp webs and a Komori GL1040P 10-colour convertible perfecting sheetfed press with Mabeg RS 104 reel sheeter, plus a wide range of finishing kit.
In its most recently filed full accounts at Companies House, made up to 28 February 2023, sales at Ancient House Press Ltd were up by nearly 27% to £16.32m.
