Reports of a possible MBO appeared in the local press last week after Polestar announced its plans to close the Somerset plant, with the loss of 420 jobs.
Fraser said that the proposal was not backed by any of the plant's senior management. "I wouldn't want to get hopes up for the workers on that one. The story has been rather blown out of proportion," he said.
He added that discussions with Amicus GPMS are going on "amicably", after a 90-day consultation period over the future of the gravure plant began last Monday (13 June).
Polestar plans to close the loss-making plant by March 2006 and to transfer work for clients including Emap and Guardian Newspapers to other Polestar sites.
Polestar plays down proposal for Purnell MBO
A proposed management buy-out at Polestar Purnell has been mounted by a shift manager, according to the plants managing director Alan Fraser.
