ICSM News: print acquisition holding firm collapses as it shuts factory with factoring issues, a lost account and debt thought to be factors

By Harry Mottram: The print industry trade publication Print Week has revealed that printing acquisition holdings company Venn Holdings has collapsed within days of the New Year. Writing for Print Week, Jo Francis penned: “The Venn Holdings buy-and-build dream is in tatters after print wing JDP was shuttered after Christmas, with liquidators expected to be appointed imminently. Venn Holdings was set up in 2021 by well known industry names Anthony Thirlby and Andy Rae. It made its first buy in March of that year with the acquisition of Whitchurch-based John Dollin Printing Services, subsequently renamed JDP.”

Ian Carrotte said ICSM was aware of the firm and that they bought Culverlands Press in Winchester in 2021 but ‘something happened’ when partner Andy Rae left last year. ICSM understood Rae was the main force in acquisitions and mergers so his departure had some type of effect on the project.

 He said: “It’s a sad day for the print workers at JDP who have lost their jobs according to reports, while suppliers may not be paid in full once the administrators have gone through the books although it is hoped something can be salvaged.

“Experience tells us that when firms buy companies in a bid to grow rapidly a result of the acquisition impact a firm’s stability.”  

Interestingly Jo Francis reported: “A different source pointed to the loss of a large customer as contributing to the situation. Printweek understands the factory is now shuttered, and that insolvency practitioners from Azets in Southampton will be appointed soon, once the necessary notifications and legal formalities have been completed. Sources said that all three legal entities: Venn Holdings, John Dollin Printing Services, and Culverlands Press will enter Creditors Voluntary Liquidation, although this is yet to be confirmed. Skipton Business Finance has a wide-ranging charge over JDP’s assets, while brothers Ian and Nigel Dollin have an outstanding charge over three industrial units at Whitchurch. Compass Business Finance provided funding for the original buy-and-build strategy.”

The Print Week article is at https://www.printweek.com/content/news/venn-holdings-hits-the-buffers

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