The situation at the Bradford-based direct mail printer has been up in the air since last week, when Wyndeham Group pulled out of a possible takeover bid having been unable to complete its commercial review.
PrintWeek has made repeated attempts to contact Global MP chief executive Kevin Dunstall over the past fortnight, but he has not responded to any requests for comment, or issued a statement on the status of the business.
The firm employs around 180 staff, some of whom have taken to PrintWeek’s forums in frustration at the lack of information about what is going on at the business.
Employees were originally due to be paid on the 26th, and the payment date was then put back to the 30th, but staff remained unpaid at the time of writing.
Sources told PrintWeek that Dunstall was attempting to arrange new finance that would enable him to retain control of the business, which he purchased from St Ives in September 2013, in an £8m deal.
However, Close Brothers Asset Finance owns the firm's equipment and PrintWeek has learned that the major machinery has apparently been sold to an as-yet-unnamed third party. Last week Wyndeham said it had reached agreement with Close to take over the kit should its deal be successful.
It is also understood that major client Orion Print Solutions is reviewing the possibility of moving its Aldi work elsewhere, with speculation that one of the contingency options being reviewed is gravure printing at Polestar.
The firm's main switchboard number was diverting to an answerphone this morning. One source said there would be a meeting with staff at 10am today.
Do you work at Global MP? Are you a supplier to the business? Please get in touch if there has been any official communication about the status of the company. Email: printweek.newsdesk@markallengroup.com
