The union said a deal to sell Wace to a company called Corporate Securities UK was imminent last Friday (21 September), but was not carried through by Wace owner TPF Group.

TPF announced in August that it was intending to close Wace and had entered into a 30-day period of consultation, with work transferring to its operations in Northampton. It is believed that this decision followed the collapse of a deal to sell the company.

Unite officer Martin Hodges said: “We asked the company to continue to look for someone to purchase the business, making it clear that through Unite, employees were prepared to meet potential buyers to reassure them of the commitment of the workforce to the business.”

Although Unite was keen for TPF to find another buyer for Wace, rather than close it  with the likely loss of up to 85 jobs, the union also expressed concern over the sale to Corporate Securities UK.

Few details on Corporate Securities UK are available, and no directors are named in documents filed at Companies House. The company was incorporated on 27 June this year and is registered to the same address in Chelmsford, Essex, as several firms previously run by or connected to Myles Bunyard, the former W3 Litho secretary and Multi­plex Tech­niques director.

Hodges said: “We made it absolutely clear [to TPF Group] we would be opposed to the sale of the business to any company connected in any way to Myles Bunyard.”

Bunyard was made bankrupt between 25 July 2006 and 25 July 2007. On 31 May, he became company secretary at latest acquisition W3 Litho, which was later renamed as Three Double Yous. Three Double Yous has two outstanding county court judgements. Staff were locked out of its site in July and filed a grievance against the directors for failure to pay wages.

When contacted by PrintWeek, Bunyard said: “I am not in a position to give you any information.”
TPF declined to comment on the sale or the identity of any proposed buyers. A spokesman said: “If a purchaser can be found who’s prepared to agree suitable terms then a sale remains entirely possible.
“Otherwise, the situation remains exactly as it has done from the start and we’re likely be looking at a transfer of the operation to Northampton.”

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WACE TIMELINE
Sep 2007 TPF Group admits two approaches for Wace
July 2007 Plan to close or sell Wace announced
March 2005 TPF buys majority stake in Wace
Nov 2004 Wace falls into administration and is bought by Ringdark acquisition vehicle