Joint administrators Geoff Kinlan and William Turner of BDO Stoy Hayward have confirmed that DSR Group has bought "the business and certain assets" of DSR Print Management, following their appointment yesterday (Monday 27 October).
Meanwhile, DSR Print Management directors Michael Naylor, Stephen Beesley and Andre Kofman, who acquired the company in a £5.5m MBO in August, were all appointed directors of DSR Group yesterday.
A statement released by DSR Group said that DSR Print Management had been "restructured by its management team, led by CEO Mike Naylor".
In the statement, Naylor said: "Until faced with the unexpected financial problems of one of our largest customers, we had a profitable and growing business. Consequently we took the decision to restructure. This will enable us to support our planned aggressive programme of growth, whilst retaining the major asset of our existing workforce and taking into consideration the current and future financial climate."
DSR Group added that the new business would be based at DSR Print Management's current site in Northampton and that all DSR Print Management employees would be transferred to DSR Group.
DSR Print Management, which recorded a turnover of £18.7m in 2005, was caught out by this month's collapse of its largest client, furniture retailer MFI, which left it with a substantial bad debt.
Details emerge of DSR deal
DSR Print Management's business and assets have been bought by the company's owners in a pre-pack deal following the Northampton-based print manager's fall into administration, it has emerged.
