YM Group has brought in the administrators for 3 of its subsidiaries, putting 100s of jobs at risk.
FRP has been appointed for YM Chantry, York Mailing and Pindar (Scarborough).
The joint administrators, are FRP Partners, Phil Pierce and Philip Watkins, who released a statement this afternoon:
“[This comes] after a significant period of challenging trading that had been exacerbated by the impact of the pandemic and rising input prices. The companies had been subject to an accelerated marketing process in recent weeks to secure a buyer.
“However, without the prospect of investment or a sale, the companies have ceased to operate and the majority of 512 staff have been made redundant. A small number of staff have been retained to assist the Joint Administrators in their duties.”
The administrators would now be seeking to sell assets, while supporting staff in making claims to the Redundancy Payments Services.
“This has been an incredibly challenging period for the printing sector and York Mailing, YM Chantry and Pindar are no longer able to continue trading. Regrettably, the insolvency has led to redundancies at what we know will be an extremely difficult time. We will work with staff to access redundancy support,” said Phil Pierce.
York Mailing has produced catalogues, brochures, inserts, flyers and leaflets for almost 20 years, working with major retailers and supermarkets.
Its Wakefield-based YM Chantry operation is behind magazine and newspaper supplements. It was one of the key locations for the dmg contract, publishing the Weekend and You magazines for the Saturday Daily Mail and The Mail on Sunday.
Pindar (Scarborough) also worked on the dmg brief as well as producing catalogues and brochures.
The Leeds-based group’s other companies, Go Direct Marketing and The Lettershop Group are not included in the administration proceedings.