MCH managers buy out assets from receivers

News by

26 July 2001

The management of MCH Printing Group in Charlton have bought its assets out of receivership with RSM Robson Rhodes, leaving unsecured creditors with "substantial" debts

The management of MCH Printing Group in Charlton have bought its assets out of receivership with RSM Robson Rhodes, leaving unsecured creditors with "substantial" debts.

MCH appointed RSM Robson Rhodes on 23 July, and Goldmerit, trading as Yellow Printing, acquired the assets the next day.

Goldmerit trades from the same London address. Former MCH Printing director David Buckley is a director of the new company.

RSM Robson Rhodes partner Daniel Smith said: "Keeping the company trading on as MCH wasnt an option. We could only sell it to a management team at least that way we preserved the jobs there."

But Smith said that because the company had limited assets a number of creditors would suffer substantial losses.

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"This is a repeat of what happened to 1066 Capital t/a Crystal a year ago. They also never put this company in administration. We are all still left unable to claim the redundancy and notice pay owed..."