In the letter, which was dated 26 December 2024, Rizvi said RDCP Group grew its enterprise value by 20% from $500m (£399m) to $600m in the year.
He said the year had marked a “decisive turning point” for the group, in which it disposed of some underperforming businesses.
“This strategic reset has allowed us to refocus our capital allocation and accelerate towards our year-end 2025 goal of increasing RDCP’s group EBITDA to over £50m,” Rizvi stated.
Ancient House was listed within the group’s Industrials – Manufacturing portfolio, but that was the only mention of the printer in the letter.
While discussing some of the group’s other recent M&A transactions, Rizvi said that one of the key learnings had been “a crash course in the art of corporate restructuring”. In December, he had told Printweek that Ancient House was undergoing a corporate restructure.
Looking ahead, Rizvi – who said the group’s long-term vision is to become the largest private company in the UK – stated: “I am confident that 2025 will be our strongest year yet as we at RDCP work towards creating a £50m EBITDA diversified conglomerate.
“This vision will be executed through the completion of our live pipeline of sizeable acquisitions of high-quality businesses in our core sectors of industrials, healthcare, and consumer. These strategic additions will continue to feed the compounding machine.”
Last month, the High Court told Printweek that the directors of Ancient House Press Ltd had filed a notice of Intention to appoint an administrator, and had intended to appoint Lee Michael De’ath and Thomas William Gardiner of Begbies Traynor (Central) Colchester.
But Rizvi told Printweek at the time that the business was undergoing a corporate restructure, which was being supported by its secured lender Novuna and asset finance provider Close Brothers. He had said the restructure process would be completed by 10 January, “with the goal of right-sizing the business and the balance sheet”.
At the time, he also said that Begbies Traynor “will not be involved in the process” and that the process was being managed by a team at Interpath Advisory as the sole insolvency practitioner involved in the process moving forward.
Rizvi subsequently told Printweek on 19 December that the company’s staff were going on leave for the Christmas break and would be back today (6 January).
However, at the time of writing, the main phone number for Ancient House cuts off, while a member of staff told Printweek that the business had shut while other staff have posted on LinkedIn that they are looking for work.
The High Court’s most recent update is the 10 December notice of intention to appoint an administrator, and there have been no related filings on Companies House or The Gazette as yet.
Rizvi has not responded to the last two requests for comment from Printweek.
According to the plant list on its website, Ancient House Press operates two Komori System 38S 16pp webs and a Komori GL1040P 10-colour convertible perfecting sheetfed press with Mabeg RS 104 reel sheeter, plus a wide range of finishing kit.
In its most recently filed full accounts at Companies House, made up to 28 February 2023, sales at Ancient House Press Ltd were up by nearly 27% to £16.32m.
