Wyndeham Group has announced the intended closure of one of its recently-acquired printing operations.
Wyndeham Plymouth, formerly St Ives Plymouth, was bought earlier this year, along with St Ives Web’s other businesses in Peterborough and Roche, in Cornwall.
The company has entered into a 90-day consultation process with the 145 staff employed in Plymouth, with a proposal to close the web offset printing facility on August 22
Wyndeham Plymouth, which is the smallest of the three ex-St Ives Web businesses, made a £2.95 million loss before tax on turnover of £20.2 million in the financial year ended July 30. The company operates two 32pp presses, three stitching lines and two perfect binders.
Wyndeham Group says it will transfer production of its work to its other web offset facilities that operate larger 64/72pp presses.
Paul Utting, Wyndeham Group’s CEO, said: “We regret having to go through this process. However, it is symptomatic of the wider structural changes that are becoming increasingly necessary to ensure the diminishing UK web offset industry can continue to supply publishers and print buyers with a reliable service in the long term.
“Wyndeham Group is at the forefront of consolidating the sector and we intend to maintain our market-leading position. It is paramount that we match capacity with demand and that our clients’ work is produced on the most efficient equipment we have available.
“Unfortunately, with declining volumes compounded by spiralling raw material costs and market prices at an all time low, we have to restructure to remain viable. I anticipate there will be further initiatives of this type across the sector as all of our main competitors continue to make significant losses.”