A management buyout is on the cards at Openshaw parent Wolstenholme Rink (WR) the company admitted this week.
Speculation was sparked at the end of last week when WR announced that it had received a takeover approach.
In a carefully worded statement WR said: Were an offer to be made, it would be through a newly-formed company financed by institutionally-backed funds.
But Bemrose chairman and WR non-executive chairman Rodger Booth was more forthcoming. He said: I think you can guess from the wording of the announcement that some of the executive management are involved. However, he warned that details had yet to be finalised.
He promised there would not be any changes on an operational level: There is no question of closing factories or anything like that.
The printing products supplier has experienced a traumatic six months following the death of chairman Tony Rink last December. His brother Paul postponed his retirement to become group chief executive. Martin Olive, who was responsible for the printing supplies division, retired earlier this month.
Rival supplier Litho Supplies saw its own attempt at an MBO rejected by the City. Chairman John Byford said: It was a good idea when I thought about
it 21 months ago why be surprised when someone else thinks so too?
Story by Sally Nash