Bids for the long-established Ashford firm have to be lodged by close of business today (24 February), and the future trading status and ownership of the company is likely to be resolved in the next few days.
Smith & Williamson partner Steve Adshead, who is handling the sale of the business, told PrintWeek there was more than one interested party involved, but that no offer had been accepted as yet.
“It’s quite a complicated position because potential purchasers need to reach agreement with a number of parties including the asset finance provider and the landlord,” he said. “Formal offers need to be in by the end of this week.”
Close Brothers Asset Finance has a charge on some of the firm's assets; while IGF Business Finance has a charge over the site and other property owned by Lithecat Properties (formerly Invicta Press). Lithecat Properties is owned by members of the Pitt and Carlton families, who separated their print and property interests in 2015.
Headley Brothers has filed a further Notice of Intention to Appoint Administrators, which expires on Tuesday (28 February), and PrintWeek understands that any sale deal must be in place by then.
The company appears likely to go into administration whether it is sold or not.
Earlier this week PrintWeek revealed that a new company, Headley 1881, had been set up that listed as its directors representatives of investment firms Cyrus Investment Management and Valtegra, along with three existing directors of Headley Brothers.
However, at Companies House those individuals: Simon Bingham, Andrew Owden and Paul Palmer are now shown as having resigned as directors of Headleys 1881 on the same day as they were appointed.
It’s not clear why they were listed and then de-listed.
Bingham had not responded to PrintWeek’s request for comment at the time of writing.
Adshead said there was not currently an offer on the table from the firm’s existing management team.
The £19.3m turnover company is in the process of making 85 out of its 190 employees redundant as it reduces the size of its operation.
