Shareholders have unanimously agreed to the sale of a Cornwall-based magazine printer in a deal worth £20 million.
St Ives Group shareholders met today to rubber stamp the sale of its loss making St Ives Web division, which employs 300 people at its plant at Roche, as well as at facilities in Peterborough and Plymouth, to Walstead Investments.
Paul Utting, chief executive of Wyndeham Press Group, a subsidiary of Walstead, said his company would now be reviewing the business. “Now the real work begins,” he said.
St Ives Web, which prints such titles as Vogue and The Economist, will be rebranded as Wyndeham and operate as part of Wyndeham’s Web Division.
The acquisition creates the UK’s market-leading web offset printer, with 1,525 staff across eleven manufacturing operations and annual turnover in excess of £170 million. The combined group produces 72 weekly and more than 700 monthly magazine and periodical titles.
St Ives will retain the freehold of the printing plants and lease them back to the new owners.