A PRINTING and marketing business based in East Tullos, Aberdeen, has been sold as a going concern, saving all 22 jobs.
Jasmine Limited was the subject of a pre-pack administration sale to PFI Group based in Manchester who intend to continue operations in Aberdeen.
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Barry Stewart and George Lafferty, of Leonard Curtis Business Solutions Group (LCBSG), were appointed joint administrators of Jasmine Limited on 27th August 2021.
The company had been struggling in a difficult industry for several years. The traditional printing sector had been under consistent pressure with many companies opting for non-print digital solutions which posed a real competitive threat.
The business also relied on clients from the oil and gas sector, itself undergoing struggles in Aberdeen in recent years. Directors were trying to manage all these pressures when the pandemic hit in March 2020.
Barry Stewart commented: “It took far longer than anticipated to increase sales and over the period of the pandemic – despite government support – ongoing losses meant funding facilities were exhausted.”
Jasmine’s parent company had also propped up the business financially over a considerable period as directors attempted to implement a turnaround, but in the end insolvency was unavoidable and the business was marketed for sale.
Operating to a very tight timescale the Joint Administrators used intellectual property asset valuation specialists Hilco Streambank and Leonard Curtis’s own database of potential buyers to market the business to as wide and relevant an audience as possible.
Barry again: “We are pleased to say that this resulted in a number of competing bids for a going concern sale which maximised realisations for creditors whilst protecting all the jobs.”
Danny Cowie from Jasmine Limited commented: “This has been a great outcome for us. We had a good underlying business with a loyal workforce. We are very happy that everyone’s jobs could be saved and that production looks likely to remain in Aberdeen. For the avoidance of doubt, the other main business within the Jasmine Holdings Group, James Aiken Engineering Solutions, is unaffected by this news and continues to trade well. Equally, Fantastic Fanatics is also unaffected as it is a totally separate entity.”
PFI Group CEO Darren McMurray commented: “The acquisition of the Jasmine business further enhances our dominant position in the print and signage marketplace and aligns with our buy and build strategy for acquiring businesses that we are able to leverage with our diverse customer base. It is a pleasure to welcome the Jasmine team to the PFI family and to be able to turn the difficult situation they faced to a positive outcome.”
