The companys financial crisis stemmed from an acquisition that went "horribly wrong", according to one source. Fine art and City printer Hyway Printing Services was forced into receivership last month a mere four months after being bought by Montrose (Printweek, 13 December 2002).
Administrator Andrew Stoneham said that one of Hyways creditors issued a winding-up order on Montrose, which had guaranteed some of Hyways liability. Ironically, Child last month told PrintWeek that Hyways problems could not be allowed to compromise Montroses trading position.
Stoneham said that a "couple" of potential buyers had expressed an interest in Montroses assets. The sales team is being kept in place, along with production director Scott Terris and fellow director Dean Hobday. Child, who led the MBO that bought the assets of Clifford Thames to form Montrose in March, was not available for comment.
