GHG (Realisations) PLC (01794199): administration
- Status
- Administration ended
- Administration began
- 2012-11-28
- Administrators
- David John Standish, Allan Watson Graham
- Administrators' firm
- KPMG
- Formerly
- Goodhead Group PLC; Goodhead Print Group PLC; Scanbond Limited
- Incorporated
- 1984-02-23
- Location
- London
- Industry
- 18129 Printing n.e.c.
Why it went into administration
- Competition / price pressure
- Funding withdrawn / unable to refinance
- Pension deficit
From the administrators' statement
GHG was wholly owned by Sir John Madejski and BGHP and SP are wholly owned subsidiaries of GHG. BGHP specialise in the provision of web-offset printing services from its base in Bicester and SP offered sheet-fed offset printer services from premises in Banbury. The Group had 518 employees and printed a mixture of long-run magazine titles and directories,
The Group made a net loss of £4.7 mullion for ‘the year ended 31 May 2012 (per the Gioup’s draft financial statements) and had been experiencing financial difficulties as a result of continued price pressures in a highly competitive printing industry The Group operates a defined benefit pension scheme which 1s closed to new members. However, based on the latest actuarial valuation undertaken in 2009, the pension deficit was £23,3 million,
Sir John Madejski has funded the Group throughout his tenure as shareholder since 2004 and as at 30 September 2012 total funding provided by him amounted to £803 milhon (£40 9 millon in equity and £39.4 million in debt) The debt was secured by means of a second charge over the assets of the Group. In addition, Sir John also issued personal guarantees to certain suppliers and financiers
Administrators' statement of proposals (2013-01-23) · Companies House register