Pyx administrators hopeful of sale

Joint administrator David Stimpson from SV Partners told ProPrint that the business was continuing to trade with a view to selling the business as a going concern.

“We’re still having discussions with major clients to ensure their continued support,” he said.

“We still don’t really have a firm direction at this point in time. The most likely option is still a sale of the business, so that’s the path we’re pursuing.”

Stimpson said the printing business had already attracted interest from “various sources”.

While Stimpson said there wasn’t a deadline to complete the sale, he expected to have discussions with interested parties “substantially advanced” by the end of June.

“We want to have a sale consummated in the next month or two, and we’d look to have the handover completed by the end of September. If that doesn’t happen, we’ll start to look at some of the other options.”

Stimpson said the company was continuing to shed staff, with two departures in the past week in addition to the 10 people who have left since the company entered administration.

The Pyx Group, which comprises Pyx Printed Packaging and Food Pails International, entered administration on 1 July with debts numbering in the millions.

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