Alpine Press Limited has exited administration through a Management Buy-Out (MBO).
The commercial print company based in Kings Langley fell into administration following a deterioration in trading conditions affecting the wider printing industry.
Jason Baker and Philip Armstrong of restructuring firm FRP Advisory were appointed as joint administrators on 25 June 2013.
Baker, partner at FRP Advisory, said: “This has been a transformational restructuring for Alpine Press, ensuring throughout that the business continued to trade normal with its customers and suppliers.
“The administration process has ensured that the business has emerged in a more robust position to continue servicing its customers’ needs under the ownership of a new company overseen by the same, experienced management team.”
Alpine Press was managed as a going concern by FRP Advisory once administrators were appointed, in the interests of creditors and customers.
The joint administrators completed a sale of the business as a going concern on 3 July, to a new company led by existing management. The business continues to trade as normal
Prior to entering administration, Alpine Press employed 47 members of staff – 35 have been retained following the MBO.
Maurice Grainger, who founded Alpine Press 47 years ago and who will be managing director of the new company, said: “We are extremely grateful for all the support of our customers, suppliers and above all our members of staff.
“We look forward to continuing to deliver the same high quality service as we move forward.”