Taylor Wessing advises Wyndeham Press Group on its return to British ownership
Taylor Wessing has recently advised on the sale of printing company, Wyndeham Press to Walstead Investments.
Wyndeham Press prints popular magazines, such as What Car? and employs around 850 people. The company's previous owners include Icelandic investors Baugur and Landsbanki.
The sale to Walstead will provide new working capital facilities and will result in a significant reduction in the group’s indebtedness. The refinancing package will greatly improve the financial position of all seven of Wyndeham’s operating subsidiaries and marks the return of a significant player in the UK print market back to British ownership.
Current Chief Executive, Paul Utting remains in his current role and continues as an investor.
Howard Palmer, Partner at Taylor Wessing, says:
"We were very pleased to play a role in saving this significant UK printing company from administration following the collapse of Landsbanki into receivership in October. With the benefit of new working capital facilities, I wish Paul Utting, the CEO, and the rest of the Wyndeham group well for 2009. "
The Taylor Wessing team advising Wyndeham was led by Howard Palmer and included Nikol Davies, Chris Badham, Matthew Burman, Roy Horgan and Neil Smyth.
Walstead Investments' shareholders are investors Richard Fookes, Stephen Hargrave and Mark Scanlon, together with Paul Utting. Ongoing financial support is provided by Leumi ABL, the asset-based lending subsidiary of Bank Leumi (UK) plc. Walstead were advised by Memery Crystal, Leumi ABL by Hammonds, Landsbanki's asset backed lending division by Squire Saunders Dempsey and Landsbanki's corporate finance division by SJ Berwin.
Ends
Lawyers Howard Palmer, Nikol Davies, Neil Smyth, Roy Horgan
Notes to editors
For more information or to speak to Howard Palmer, please contact Helen Needham at Taylor Wessing:
Tel: +44 (0)20 7300 4156
Email: h.needham@taylorwessing.com
Taylor Wessing LLP is a leading law firm providing legal support for commercial organisations doing business in Europe and the Middle East. Based in Belgium, Dubai, France, Germany and the UK, Taylor Wessing provides the full range of legal services to major corporations and growing enterprises. Taylor Wessing boasts a strong reputation in the corporate, finance and real estate sectors alongside in-depth experience across the full range of legal services including insurance, intellectual property and technology, tax, litigation & dispute resolution, employment & pensions and private client.
About Wyndeham Press Group
Wyndeham Press Group Limited is a commercial printing group with 850 employees. Its operations cover web offset, sheet-fed and continuous printing, finishing, creative and pre-press services.
Wyndeham was a quoted PLC until May 2006 when it was acquired by a syndicate of Icelandic investors. Banking facilities were provided by Landsbanki. Following the Icelandic banking crisis this October, Landsbanki went into receivership. The British Government allocated £100m of funds to Landsbanki to allow its British clients to continue to trade. These funds permitted Wyndeham to continue to operate under its facilities. However, its facilities were not sufficient for the Group to continue to trade beyond mid-December 2008. Landsbanki made it clear that it would be unable to provide new facilities beyond that point. The Board of Wyndeham has therefore been seeking third party funding to replace the Landsbanki facility and, importantly, to provide new working capital to ensure the business can continue to trade for the foreseeable future.
Walstead has secured new working capital facilities from Leumi ABL to supplement its equity investment. Ongoing financial support from Leumi and Walstead is conditional on certain operational changes and cost savings taking place at Wyndeham Heron.
