A receiver from BDO Stoy Hayward has been appointed at magazine printer Duncan Web Offset and is looking to sell the business as a going concern.


BDO Stoy Hayward receiver Simon Michaels said: We understand that this is a very difficult time for those concerned and we are doing all we can to mitigate the impact upon the companys staff and customers. We will be looking at expressions of interest over this weekend, but have not received any firm offers to date.


The news comes only four weeks after chairman Bill Duncan (pictured) admitted that running the 200-employee company across its two sites at Tovil and Parkwood was proving to be a financial burden.


Duncan had predicted a bright future for the company, as it was on the verge of freeing up 4m after the sale of its Tovil site. It was hoped that on the back of this a further 2m could be borrowed to complete the Maidstone move.


At the time Duncan told PrintWeek: We are in the middle of a big investment programme and wanted to pay off our debt very quickly.


The market is difficult, and everyone is expecting someone to go bust it wont be us, added Duncan.


Michaels said: The company has recently suffered major losses as a result of the general downturn, mounting debts after purchasing new equipment, and a recent major move.


The group had announced a 15% rise in sales for 2000 to 21m, but profits had fallen by 500,000.


IPC Group manufacturing director Jasper Scott said that it had decided to switch production of next weeks Cycling Weekly from Duncan Web to Southernprint.


Duncan Web Offset has produced three monthly motorcycle titles for Emap Automotive in Peterborough since February following its move to CTP.


Emap digital production director John Kelly said: Since theyve been done there it has been superb, weve had an excellent working relationship. At the moment were just waiting to see what happens there.


Kelly added that Emap had met with Duncan Web about six weeks ago following a number of industry rumours and that any concerns had been allayed.


Of course we have a contingency, but we hope we wont have to use it. But I cant imaging having too much trouble finding anywhere, given the state of the market, said Kelly.


GPMU national officer Ann Field said she was concerned by the situation, and for the unions 108 members at the company.


Story by John Davies