Odessa Print Group, formerly Odessa Offset, was established in 1983 and initially specialised in print for the outdoor advertising market. As that market declined the firm diversified into point-of-sale printing for the retail market.

However, according to a statement from business advisers Moorfields, the turnaround was not successful and the directors were unable to return the business to profitability in the face of “escalating creditor pressure”.

Tom Straw and Simon Thomas of Moorfields Advisory were appointed as administrators on 18 October, with the business subsequently sold to directors Bob Charles and Laurence Matthews.

Printweek understands the firm had been marketed for sale prior to the administration.  

In a statement, Straw said: “We are delighted to have concluded a sale of Odessa, the directors had established a good business model, and this will hopefully give them the opportunity to adjust further to the market’s needs.”

The business had previously employed around 85 staff, with 70 taken on by the new company as part of the sale. It ran a wide range of kit from suppliers including HP Scitex, Koenig & Bauer, Inca, Kongsberg and Young Shin.

Odessa Print Group had operated from three industrial units: two in Biggin Hill and one in Penge, south London.

The new Odessa UK appears to be operating out of the two Biggin Hill units, it was not clear at the time of writing whether the Penge unit was also part of the deal, or whether all the equipment was included in sale.

Charles said he could not comment for legal reasons.

Odessa Print Group grew sales to £13.8m and returned to profitability in its most recent available accounts, for the year to 30 September 2017. The firm’s 2018 accounts should have been filed by June but were overdue.

Charles and Matthews set up two new companies at the beginning of this month: Odessa UK and Odessa Global. Asset-based lender Breal Zeta CF registered two charges against Odessa UK last week.