Last week, the £216.4m-turnover group told staff at Banbury-based Stones that it was entering into a 30-day consultation with them regarding the closure of the business.
Meanwhile, on Friday Polestar announced that chief finance officer Peter Johnston, who has done two stints as CFO at the group, was to leave after 14 years to pursue a career change.
Polestar has just completed its 2014/15 financial year.
Johnston said: “As we have now reached our year-end, and the milestone of our major web offset investment, I feel this is a good time to make the change.”
Group financial controller Nicky Wharton has become interim CFO.
Polestar Stones, formerly Stones the Printers, was acquired by Polestar three years ago when it bought Goodhead Group. The £11.5m turnover firm employs around 108 staff and prints a range of products including magazines, catalogues and brochures. It also prints covers for sister web offset site Polestar Bicester.
Polestar chief executive Barry Hibbert said: “Consultation has begun over the potential closure of Stones. It makes sense for us to continue the group’s consolidation process.”
PrintWeek understands two presses and associated finishing kit could be relocated to the company’s Bicester site and to run 24/7, with circa 57 roles transferring.
Stones runs four B1 long perfectors: 10- and 12-colour Heidelberg Speedmasters with CutStar, and two 10-colour SM102s. It also has Muller Martini perfect binding and stitching kit, and two Steinemann UV coaters.
“If we can we will transfer staff, it’s all subject to consultation,” Hibbert added.
There is no union recognition at Stones, but Unite national officer Ian Tonks said he was aware of the proposals. “We’re not directly involved with it, but if they are moving equipment there will be a transfer of undertakings under TUPE,” he said.
The union does have recognition at Bicester.
Stones staff told PrintWeek they were advised the company would stop trading by February.
The spouse of one employee said of the closure: “They are all very miffed as the management denied what was happening not more than three weeks ago. When confronted they told the workforce it wasn't a viable option shutting Stones due to the fact they have to reinstate the building back to what it was.
“Then this week they finally told them it was in fact true they are closing the business.”
Separately, the European Rotogravure Association is holding its annual conference in Sheffield this week, and the delegates will visit Polestar’s Sheffield gravure and web offset supersite today (12 October).
Time Inc senior vice president of production Guy Gleysteen is one of the speakers at the event. His topic is “the ongoing role of print in the portfolio of a magazine publisher in the digital age.”
