In a deal tied up at the end of last week, Taylor has personally bought 90% of the Beccles-based firm, whose problems came to light when it asked its staff to take a 10% temporary pay cut.
Taylor estimated the company’s current net debt at around £5.5m.
His employer, French book group CPI, has bought the remaining 10% stake.
Taylor said: “I will be involved in improving the trading performance. CPI did not want to acquire the business with its net debt and EBITDA, but it could acquire the business at some point in the future.”
Taylor insisted the deal for Clowes was unrelated to the closure of Bath Press. “There’s a big difference between the problems that existed at Bath and those at Clowes. Bath Press was losing money; for Clowes, servicing the debt was the problem,” he said.
“Although we were unable to save the 250 jobs in Bath and Glasgow, hopefully we can save 200 jobs in Suffolk.”
He added that the acquisition had been completed in around two weeks from the initial approach.
Clowes’ current management team, which is headed up by managing director Ian Foyster, will remain in place.
CLOWES FACTFILE
Managing director Ian Foyster
Staff 183 (July 2006)
Turnover £11.4m (2006)
Pre-tax loss £424,000 (2006)
Net debt around £5.5m
Markets single- and two-colour books
CPI chief Taylor buys 90% stake to save struggling Clowes
Meanwhile, Mike Taylor has bought a controlling stake in struggling Suffolk book printer Clowes in a deal that could lead to it becoming part of the CPI group.
