YM latest: Print Week reports on the collapse in confidence at YM Chantry as work stops

It seems YM Chantry is on the brink of collapse as the Wakefield plant is perhaps hours away from insolvency writes Harry Mottram of ICSM.

Workers have downed tools according to reports from the Unite union after doubts about the payment of salaries and the sight of suppliers removing paper stock and other items that have not been paid for from the Wakefield plant

Print Week’s Jo Francis has reported on the impending collapse since the YM Group took on the Daily Mail Group magazine contract last August with almost every month revealing another step in the firm’s demise.

Workers and clients were told there were buyers lined up in a  fast-track sale process being run by FRP Advisory this week but Print Week understands due to the state of the plant’s kit and lack of financial information there is no offer on the table for tomorrow’s deadline (31 March 2022).

ICSM said it was a tragedy that a once thriving business could go into administration although some parts of the YM Group should survive as they were separate entities.

Meanwhile observers, suppliers, customers and workers wait to see what will happen as some clients such as DMG seek other print factories to ensure their weekly magazines are printed.

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For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk