New news from Printweek

23rd September 2010- just reported on Printweek.com

LPC Print merges with The Midas Press to form £11.5m company
Helen Morris, printweek.com, 23 September 2010

"Commercial printer LPC Print has acquired The Midas Press for an undisclosed sum to form an £11.5m-turnover B1 and B2 business.
The two companies will continue to trade separately following the cashand share-based deal, and will both keep their existing names.
LPC managing director Nick Lee will become managing director of both companies, while Midas managing director Paul Wells will become works director.
Lee said: "The two businesses have completely different client bases, and so the merger was ideal.
"As a business, we have wanted to diversify, and this move means that we can now offer each other's products."
Lee added that the company would need to cut some costs following the merger.
He said that the business will also be looking at staffing levels across the two companies, which employ a total of 125 staff.
Southampton-based LPC Print is a commerical and digital printer that produces catalogues, flyers, books and annual reports.
The £4.2m-turnover company has 47 staff, and plans to invest £2.5m in new kit by 2 November on a new Heidelberg XL 75 10P, an ST450 stitching line and KH66.6folder, to replace a 10-colour Heidelberg.
Farnborough-based Midas Press is a colour printer that has litho and finishing facilities. The 78-staffed company has a 12-colour B1 Heidelberg press, a 5-colour B1 press and a Print Master.
Lee said the company will now be able to offer digital print and personalistion through to B1 litho.
In January this year, Midas Press was bought by its former management team after appointing Middleton & Partners as administrators."

Only one thing to say: Midas Press PLC - that went well then!

Something is afoot?

16th September 2010 - This week, there have been rumours in Farnborough town about our old favourite Midas Press PLC that something is about to happen.


Anyone know anything? - seems that there have been some meeting going on between the "management" and another printer - who maybe based on the south coast?

Late Payment

15th July 2010 - O dear, just heard on the grapevine that some of those companys who have been supplying Midas Press PLC on credit are having to chase there money hard now! is there any money left?

Any news from anyone else?

Comments - thank you

21st May 2010 - I just want to say thanks to the people that posted comments to me:

Anonymous said...
well done Auric - hats off to you.
It is a shame that there isn't someone like you to highlight the terrible mismanagement in every pheonix operation. Unfortunately you may be back with another creditors list if the latest rumours are to be believed - they went to the money cupboard but the money cupboard is bare!!!!

Anonymous said...
Thanks for your efforts on highlighting the Midas collapse.
A few rumours about that the reformed business is struggling badly. Watch this space!

Is this the End?

17th May 2010 - What more can I say? I have done all I can. I've told the story, listed the creditors and thats all I can do. I guess that at least when anyone googles Midas Press that this site may come up and they can learn some more about the real goings on at Midas Press and read about the staff issues and the £2,301,872.65 that they owe the taxman and the creditors (including the milkman)

So that's it from Auric. I'm going to go back to melting down gold bars and driving my rollsroyce to switzerland and back and of course to play golf as well.

I will put the occasiional post up, if and when people send me the information, especially if anyone has news as to whether the first deferred payment of £45,252.50 (due on 29th April 2010) was made - or not.

Thanks
Auric

Clive Merritt in the news!

14th May 2010 - An article in Printweek appeared today about paper price hikes and quoted is Clive Merritt, the commercial director at The Midas Press said "Aprils price increase was passed on to customerswhere possible but added pricing was stil governed by market conditioons . Inevitably we absorb some of this cost and when June increases become apparent we'll be in a similar situiation" I reckon he forgot to mention that it's easier to absorb the costs if your phoenix company only cost £167,505 to buy.

Creditors List - Page 1

11th May 2010 - Midas Press Creditors List

Page 1

AES Ltd, Romsey SO51 9AQ £460.00
A1 Services Southern (Ltd), Camberley GU15 3JA £874.30
Acorn Stationary & Print Ltd, Guildford GU1 4HL £3,449.79
Adpack Machinery Systems Ltd, Nelson BB9 6RY £625.25
ADT Fire & Security plc, Manchester M16 9XY £716.75
Agfa Gevaert Ltd, Brentford TW8 9AX £46,275.87
All Signs All Print, Letchworth SG6 1QX £193.20
Allday Time Systems Ltd, Farnborough GU14 6JD £204.70
Allpoint Packaging Ltd, Hayes Middx UB3 1ET £3,813.86
Andrews Finishing Ltd, Iver SL0 9Hx £2,165.70
Andy Shore Garage, Basingstoke RG23 8BB £103.00

Midas Press Partnership, Farnborough, Hampshire GU14 0NZ - Creditor listing

Payments Due

1st May 2010 - This is an interesting article about whether new owners at Celinco have met there obligations or not: http://www.printweek.com/business/news/998918/Piggott-Black-Bear-buyer-Celinco-defaults-terms-purchase/

Coincidentally, under the terms of the new Midas Press PLC agreement ("SPA") to buy the company (for the total fee of £167,505) the first deferred payment of £45,252.50 was due for payment on 29th April 2010. Does anybody know if this payment has been made?

If not, there could be a Celinco style situation as in the Printweek article above.

Creditors List - Page 2

28th April 2010 - Midas Press Creditors list

Page 2

Atisreal, Birmingham B3 2BJ £80,619.66
Baddeley Brothers Limited, London E8 3SE £119.37
Barclays Bank PLC, London E14 5HP £356,325.38
Berry Bros & Rudd Ltd, London Sw1A 1EG £117.99
Bottcher UK Ltd, Gwent NP23 5AE £10,772.40
British Printing Industries Federation, west Midlands CV5 9RG £1,098.63
British Telecommunications, Westcliff On Sea SS0 7BT £5,241.52
Busch Graphic Machinery Ltd, Stratton Audley OX27 9BN £289.99
Calmec Building Systems Ltd, Reading RG1 4QU £2,658.97
Canon (UK) Ltd, Reigate RH2 8BF £47.25
CAR limited, Atherstone CV9 1LG £204.60

Anonymous Comment

27th April 2010 - There was a comment published the other day under my post back on the 26th Feb and its only fair that it gets its own slot:

Anonymous said...
I was a supplier to Midas for years and they were an excellent company to deal with. What has happened here is terrible shame. For years suppliers have made lots of profit from dealing with Midas for the 40 years they have been in business. They were also a partnership and I know Daren and Derek have been made personally bankrupt. Which is a poor return for a lifetime of effort - which has also employed 80 or so local people in the Farnborough area. Your vendetta and publishing the addresses of the people involved is wrong. You clearly have personal issues which I am sure can be addressed by medication on the NHS - which I am assuming is part funded by the tax contributions on the 85 people that continue to work at Midas.

But readers should not forget what was said at the creditors meeting:

Extract from BDO's report of creditors meeting
"Mrs Gates (of BDO) did then confirm to the meeting that both Mr Jarman & Mr Carter had recently been made Bankrupt on the presentation of their own petitions and that she understood that both had transferred interests in property to their spouses before Bankruptcy Orders had been made - in the case of Mr Jarman, it is understood that the transfer of property took place approximately eighteen months previously. and, in the case of Mr Carter, some seven years previously"

Being made bankrupt cannot be nice but is probably loads better if youve moved your assets and can continue to live your life in the same house and go on holiday in your same villa as you were before? Comments on this form any body else with "personal issues" (as I am described by anonymous above) are welscome.

Creditors List - Page 3

22nd April 2010 - Midas Press creditors list

Page 3

Celloglas Holding Ltd, Reading RG5 4UA £20,797.32
Celsur Plastics Ltd, Staines TW18 3AZ £45.49
Challenge Packaging, Uckfield TN22 5QE £2,321.63
Cito (UK) Ltd, Alfreton DE55 7RG £119.78
City Link Ltd, Newton Le Willows WA12 0HF £4,785.56
Colour Five Limited, Wembley HA0 1NW £230.00
Commercial Kitchen Equipment Ltd, Aldershot GU11 1LS £62.91
Compressor Installation SvsLtd, Wokingham RG41 5LB £1,787.44
Condor Logistics, Portsmouth P03 5JT £846.71
Cyanx Ltd, Telford TF3 3DE £1,697.22
D Shaw and Co (Stictching Wire) Ltd £115.00

[Midas Press Partnership, Farnborough GU14 0NZ]

Creditors List - Page 4

19th April 2010 - Midas Press creditors list

Page 4

Dairy Crest, Yateley GU46 7TN £1,220.40
Dash Finishers, Mitcham CR2 2AP £3,289.00
Diamond Print Services Ltd, Enfield EN3 7NL £67, 972.75
Digital Factory ltd, Knaphill GU21 2EP £423.55
Digital River GmbH, 50823 Cologne, Germany £234.02
Directa, Cold norton CM3 6UA £631.74
DRP Associates, Camberley GU15 2JN £2,841.76
Druckfarben Limited, Poole BH15 3AP £4,717.45
Eclipse Oils Ltd, Hook RG27 9HU £296.24
Elevenses, Farnborough GU14 6DT £202.89
Elite Cutters Ltd, Sandhurst GU47 0QE £60,555.50
Envelope Printing Company, Erith DA18 4AF £1,014.98

Creditors List - Page 5

16th April 2010 - Midas Press creditors list

Page 5

EPS Electronic Publishing Systems Ltd, Camberley GU17 9DX £194.39
Euroworld Direct Marketing Ltd, Brentford TW8 9EX £72,338.11
Expedia Logistics Ltd, Great Missenden HP16 9RA £36,830.27
Expenses Account (whose??????) £1,942,74
Farnborough Tool Hire, Farnborough GU14 7QU £25.07
Fenner Paper Co Ltd, Tonbridge TN9 1QF £18,622.71
Flexivend, Twyford RG10 9LT £153.53
Flint Group UK Limited, Horsham RG22 4DF £204.24
FM Print Ltd, Basingstoke RG22 4DF £704.95
Frederick R Miller Ltd, Godalming GU8 6BS £44,437.81
Friedheim International Ltd, Hemel Hempstead HP2 4TT £1,236.77

Creditors List - Page 6

14th April 2010 - Midas Press Partnership creditors list

Page 6

G F Smith and Son London Ltd, Hull HU2 0HL £2,301.95
Graphic Art Supplies (Bourne End) Ltd, Bourne End SL8 5SX
Greywell Press Ltd, Farnborough GU14 7QU £6,402.05
Haynes Graphic Arts Ltd, New Malden KT3 6JJ £621.00
Hedsor Ltd t/a Premier Hedsorboard, Birmingham B76 1AF £1,798.23
Heidelberg Graphic Equipment Limited, Brentford TW8 0AA £60,443.42
Hi Speed services Limited, Aldershot GU12 6PD £4,995.10
HM Revenue and Customs, Liverpool L74 4AF £15,000.00
Hohner UK Limited, Silsoe MK45 4HS £597.98
Holland and Watts Ltd, Henstridge BA8 0PU £28,449.58

[Midas Press Partnership, Farnborough GU14 0NZ]

Creditors List - Page 7

12th April 2010 - Midas Press Partnership creditors list

Page 7

Holman Engineering Co. Ltd, Addlestone KT15 3BG £184.00
Howard Smith Papers Ltd, Northampton NN4 7JE £146,918.69
Howett Thorpre Recruitment Consultants Ltd, Farnham GU9 7DR £2,708.69
HSBC Invoice Finance (UK) Ltd Worthing BN11 2BW £1,725.00
IC Printing Services, Hook RG27 9GR £740.60
Image Digital Ltd, Tunbridge Wells TN2 3EF £701.50
Imagewise Reprographics Ltd, Eastleigh SO50 4NU £2,190.75
Indicut, Swindon SN5 7EX
Initial City Link Basingstoke, Camberley GU17 9AB £1,990.92
Initial Washroom Solutions, Dudley DY1 9FA £852.65

[Midas Press Partnership, Farnborough GU14 0NZ]

Portugal, here we come.

9th April 2010 - Just noticed that there's a new comment on the Report from Creditors meeting post from 6th April:

Anonymous said...
Derek Jarmen has already sold his house probably heading off to portugal for a long stay in his wife's villa!!!!!

Keep clicking on this blog

8th April 2010 - When the term "Midas Press" is typed into Google, the drop down menu gives the following result figures:

Midas Press 3,600,000
Midas Press Administration 688,000
Midas Press plc 103,000
Midas Press goes bust 443,000
Midas press partnership 288,000
midas press liquidation 21,200
the midas press plc 10,200

It goes to show how much interest and how many clicks to this blog for it to be so highly ranked. Thank you -Auric

Creditors List - Page 8

7th April 2010 - Midas Press Partnership Creditors list

Page 8 - [This is the big one. Have a look at Inland Revenue]

Inland Revenue, Worthing BN12 4SE £249,053.25
IQ Laserpress Limited, Guildford GU1 4UG £8,600.47
J&B Design, Farnham GU9 7LF £500.00
JGC, Farnborough GU14 9SH £2,357.92
JH Hillyer & Son, Fleet GU13 9RZ £196.65
JVS Protective Clothing, Reading RG7 1DG £1,076.50
JW Ryder & Son Ltd, Camberley, GU15 1HB £28,449.87
Jewson Limited, Glasgow G51 3LH £5.16
John Dollin Printing Services Limited, Whitchurch RG28 7BB £3,550.65
Karren May, Cowes PO31 7SL £402.50
Keen Electrics, Church Crookham GU52 8BF £113.56
Kidd Rapinett, Maidenhead SL6 1NB £2,674.50

[Midas Press Partnership, Farnborough GU14 0NZ]

Report on Creditors meeting

6th April 2010 - Further to my request for information about the Midas Press creditors meeting on 24th March 2010, I've had the following comment posted on the blog. It looks fairly self explanatory and probably means that neither will have to get the removal men in soon.

Extract from BDO's report of creditors meeting
"Mrs Gates (of BDO) did then confirm to the meeting that both Mr Jarman & Mr Carter had recently been made Bankrupt on the presentation of their own petitions and that she understood that both had transferred interests in property to their spouses before Bankruptcy Orders had been made - in the case of Mr Jarman, it is understood that the transfer of property took place approximately eighteen months previously. and, in the case of Mr Carter, some seven years previously"

Any other information about the meeting or the sale of Midas Press to Midas Press PLC gratefully received.

Midas Press, Farnborough, Hampshire GU14 0NZ - creditors meeting.

Holiday Inn, Farnborough

Creditor List - Page 9

5th April 2010 -

Page 9

Kinyo UK Ltd, Leeds LS10 £284.40
Kwik-Fit Holdings PLC, Edinburgh EH12 6DD £704.04
Lane Packaging Ltd, reading RG5 4SA £230.29
Lemon Media Ltd, Weston Super Mare BS23 3UU £541.65
Leslie A Ward & Partners, London SW15 1TA £235.75

Continued

Creditor List - Page 9 Continued

4th April 2010 - Easter Day

Page 9 continued

Locators Ltd, Wimborne BH21 6SU £434.43
Lucy's Lunchbox, Farnham GU9 7NJ £92.57
Mac Container Company, Epping £288.78
Macfarlane Merchanting Ltd, London £142.31
Macuser Subcriptions, Sittinbourne ME9 8GU £76.99
Magnet Landlord £21,729.00

New Midas Website appears

1st April 2010 - April Fools Day

The new Midas Press PLC website is up an running (no April Fool here). There is a snazzy new logo. It proudly refers to the companies 40 year history but makes no mention of the difficult times in 2010 - no mention at all in fact.
http://www.midaspress.co.uk/
It's good to see that the new Midas Press PLC, Farnborough, GU14 ONZ are now NOT saying that they have FSC accreditation (the old Midas Press did have certification). This maybe down to my contacting FSC about this or it could have something to do with the fact that Midas Press (the partnership) owed SGS UK Ltd, Cheshire CH56 3EN £4,256.82 and they were the company dealing with the old Midas Press FSC certification. So they were left with quite a large financial loss.

The Midas Press PLC, Farnborough, Hampshire GU14 0NZ

Creditor List - Page 10

30th March 2010 -

Page 10

Making Impressions, Yateley GU46 6GA £5,864.05
Marksman Industrial Ltd, Aldershot GU11 3LU £90.90
Martins of Basingstoke, Basingstoke RG24 7NZ £235.64
Maurice Payne Colourprint Ltd, Theale RG7 4PF £14,380.90
MCA Finishing, Camberley GU16 6BP £61.48
Mcnaughton Paper Group Ltd, Coalville LE67 1LE £95,038.65
Mercedes Benz, £764.30
Michheldver Tyres, Winchester SO21 3AP £217.81
Microtor Limited, Long Sutton RG29 1TQ £2,146.83
Mitchem Ltd, Evesham WR11 5RS £149.50
Morgana Systems Ltd, Milton Keynes MK5 8HJ £1,762.50

Continued

Creditor List - Page 11

29th March 2010 -

Page 11

Muller Martini Limited, Iver SL0 9JQ £2,058.16
Municipal Mutual Insurance, London SW1 £80,619.00
NJ Bindery Consultants Ltd, Tunbridge Wells TN2 3EY £1,266.15
National Tyres, Farnborough GU14 6TM £245.20
Nationwide Handling Ltd, Herts AL7 2BH £296.65
Nelli Kelli t/a 360', Aldershot GU11 3BJ £4,895.00
Neopost Ltd, Romford RM1 2AR £1,200.00
New Forest Binding Ltd, Verwood BH31 6BE £44,566.50
NGS Print Finishers, Greenford UB6 7RL £38,197.09
Nu Pax Limited, Cheshire SK3 0SA £116.82
Packaging Supplies, Wallington OX10 9RF £1,683.29

Continued

Creditor Meeting?

29th March 2010 - Any news on how the creditor meeting went last week? Did anything interesting happen?

Don't Forget the creditor meeting - 24th March

20th March 2010 - I'm away for a week in Switzerland, so please don't forget to turn up at the creditors meeting and vote agaisnst the Voluntary Arrangement.

The meeting is at 11.30am on 24th March 2010

at
The Holiday Inn, Lynchford Road, Farnborough, GU14 6AZ

and please can my annonymous friends let me know how it went
Thanks

When I return, I will continue with the creditor listing

Holiday Inn in Farnborough

Creditor List - Page 12

19th March 2010 -

Page 12

Paper Resources Limited, Oxfordshire OX7 6XU £161.00
Peter Radbourne Ltd, Basingstoke RG24 8TD £1,892.90
Point to Point Couriers Ltd, Woking GU21 5JS £4,939.28
Pomeroy Pressroom Products Ltd, Coleford GL16 8RE £276.00
Premier Paper Group, Birmingham B76 1AF £73,954.45
Pressco, Swindon SN2 2NP £48.48
Print Room Group, Bracknell RG12 1BB £57.50
Print Room Services, Ipswich IP1 4JR £374.67
Printair Services, Aylesford ME20 6PS £2,191.44
Pro Business Publications Ltd, Edinburgh EH6 6RS £852.84
Profinish Print Services Limited, Verwood BH31 6BE £49, 340.63

Continued

Creditor List - Page 13

18th March 2010 -

Page 13

Project Wessex, Salisbury SP6 1NG £2,696.11
Quality Art Reproductions, Dorchester DT1 2LQ £103.50
Recruit Employment Services, Herts AL7 3BG £25.00
Reprographic Systems & Media Supplies, Chelmsford CM3 1JA £5,405.27
Richard Thorpe Fire Safety, Guildford GU3 3NB £232.59
Robert Horne Group, Northampton NN3 6LA £151,488.50
Rossetts Commercials, Worthing BN11 2RU £2,603.59
RPD Consulting, Cornwall TR8 5JP £1,449.00
S&C Graphic Machinery, Yately GU46 6GA £335.80
Sanderson Weatherall, Leeds LS1 4WG £21,728.65
ServisPak Packaging Supplies Ltd, Wallingford OX10 9RF £227.70

Continued

Creditor List - Page 14

16th March 2010 -

Page 14

SGS UK, Cheshire CH65 3EN £4256.82
Sharpline Solutions, Aldermaston RG7 8NN £74.75
Shine Creative, Hartley Witney RG27 8NY £230.00
Skyline Bookbinders, Dorking RH4 3HG £461.00
Sounds Wholesale, Burton on Trent, DE14 3SE £DE14 3SE £198.00
Southern Paper Group - The Paper Company, Ipswich IP3 9RR £97,734.35
Southview Indexing, London SE6 3BX £323.50
Spinks, London N17 9NF £356.50
Stehlin Hostag Ink, Nottingham NG2 1NA £2,055.12
Stribbons, Wellingborough NN8 4NL £127.54
Surrey Envelopes, London SW19 3BL £3,737.50

Continued

Creditor List - Page 15

15th March 2010 -

Page 15

Swemko, Bristol BS4 5QH £290.40
Synergie, Farnham RG24 8QW £903.26
Tanner & Taylor, Farnham GU9 7PT £1,482.21
Tapes UK Ltd, Bristol BS5 0SP £350.35
Tech ni Fold, Whetstone LE8 6EU £1,146.55
Test Valley Packaging, Salisbury SP2 7UD £10,347.89
The Early Press Limited, London W3 0RQ £1,116.65
The Pallet Company, Southall UB2 5XR £400.00
The PD Group, Warnborough RG29 1RT £3,748.95
The Plough Garage, Farnham GU10 5RP £129.25
The Scholing Press, Southampton SO19 9AQ £241.50

Continued...

Creditor List - Page 16

11th March 2010 -

Page 16

Thoroughshred Ltd, London SE7 8ND £1,573.41
Tower Press Limited, South Warnborough, RG29 1RT £7,837.35
TRESU Group, M11 2DT £575.00
Trilogy Lasercraft, Huntingdon PE29 6DG £324.30
Ultrachem, London N20 9UL £5,027.64
Vantis Group Limited, London W1A 3RT £16, 836.00
VDP Direct Ltd, Aldershot GU12 4DL £21,080.09
Veolia ES Onyx Ltd, Walsall WS8 7BB £4,090.24
Vision Paper, Maidstone ME20 7NA £3,000.00
Warren Board, Glenfield LE3 8XX £1,403.79

Continued...

Creditor List - Page 17

10th March 2010 - Here in reverse order is the Creditor List:

Page 17

Web of Knowledge, Waterlooville PO8 0JH £138.00
Web Forces, Weston Super Mare Basingstole RG24 9PU £1,333.00
West Country Binders Ltd, Weston Super Mare BS24 9BG £13,848.83
Wilson Electrical Distributors, Aldershot GU12 4RG £156.48
Winter & Co, Huntingdon PE29 6ED £10,626.93
Wipe It, Aldershot GU12 4DN £316.71
Wood in Hampshire, Odiham RG29 1HW £4,238.90

Total AMOUNT owed: £2,301,872.65

Notice of Creditors Meeting & Proposal for a Partnership Voluntary Arrangement

9th March 2010 - Today I've received a copy of the notice of the creditors meeting from a friend - thanks Deidre - much appreciated.

The meeting is scheduled to be on Wednesday 24th March (unfortunately I can't be there as i'm away in Switzerland smelting my golden Rolls Royce)

There is also the paperwork showing that they are proposing a "Partnership Voluntary Arrangement".

There is also the Creditor listing which runs over seventeen pages. It will take too long to put the whole thing on one post so I will try and do a page a day and I will start at the end which has the total - a massive £2,301,872.65 owing, including the poor milkman (Dairy Crest) who was owed £1,220.40

New Midas logo?

4th March 2010 - Thank you to the anonymous contributor who says they are a former customer of the Midas Press (partnership) and that they work in advertising. They have pointed out that they are probably developing a NEW Midas Press PLC logo to go with the new website.

His (or her) suggestion is using a Golden colour to reflect the Midas name together with a large M - and they sent me a visual to put on the blog as a suggestion - something like the picture opposite they suggest - familiar?

Sunday Times recognises Black Sun PLC

2nd March 2010 - In this weekend's Sunday Times there was a supplement called "100 Best Small Companies to Work For". Number 58 in this prestigious listing is Black Sun PLC a communications agency based in London. Pictured in the article were some smiley people from Black Sun enjoying a party.

Black Sun used to use Midas Press as a printer and with a simple internet search I found that Midas had printed work for Black Sun including theHays Group Reports and Accounts, Punch tavern Report and Black Suns own rather lavish brochure for their move to a bishops palace in Fulham in 2008.

I am writing to Mr Paul Edison (pictured) to ask whether he will supporting the new Midas Press PLC or whether the excellent treatement of his staff which has been recognised by the Sunday Times extends to that of his suppliers creditors and their employees. We all look forward to his reply.

Daren Carter - at the new Midas Press PLC?

26th February 2010 - Just noticed a comment left on the "New management team" piece[16th February] and someone has left a comment as follows:
"...So Daren Carter is NOT involved? Yeah righto!"

I take it from this that he is still involved - anyone know any different? -or if anyone wants, they can always pop in and say hi to Daren and ask him yourself at his home address:

Daren Carter, Fitzroy House, Fitzroy Road, Fleet, Hampshire GU51 4JW

Midas loses sales consultant

25th February 2010 - Midas is in the press again! Ex Midas Press sales consultant David Crompton has joined Pureprint. Printweek reported it as "David Crompton joined the company in January from recently failed Farnborough printer Midas Press".

Did many others leave the sinking ship?
http://www.printweek.com/

Is FSC and PEFC certification a hoax?

24th January 2010 - I've received an e-mail from an interested party as a follow up about Midas Press having ISO accreditations (http://midaspressgoesbust.blogspot.com/2010/02/iso-accreditations.html)

The e-mailer says that "although Midas didn't have ISO certificates they did have FSC and PEFC certification and I've noticed that they show that they have certification on the new Midas Press PLC website - this just cannot be true. They must be using the old Midas Press certificates and if they are, they are being dishonest"

Good point, I will send an e-mail off to FSC and PEFC and see if I get a response.

Dave blames the snow

23rd February 2010 - Printweek has just reported Paperlinx posting an £81m pre-tax loss for first six months of their financial year!

Dave Allen (pictured) who is vice president UK, Ireland, Spain and South Africa, said: "The bad weather had an impact across the whole paper market and, as a significant player in this, Paperlinx merchants were of course affected."

Funnily enough he didn't mention anything about the bad debt situation with people like Midas Press going bust and owing them loads of money! Funny how some people can't see what is right in front of their face - as he blames the weather maybe he is snowblind when reading his accounts.

"Doing The Midas"

22nd February 2010 - On Friday an article appeared in Printweek called "Paper manufacturers set to impose further price increases" reporting the the comical antics of paper mills and merchants increasing their prices (which will then inevitably crash down again!)

The first comment on the article on the printweek blog by Arthur Sternesky reads as follows:

"I don't care because I'm going to start using McNaughtons\( for McNaughtons read Antalis). Buy as much paper as you like go bust start up again and carry on trading. I think this is called "doing the Midas"

Well said Arthur

Have a read:
http://www.printweek.com/paper/news/984890/Paper-manufacturers-set-impose-further-price-increases/

ISO Accreditations

19th February 2010 - I had an anonoymous comment left about the question of ISO accreditations. The response was "your information is way out - midas never had any iso's and they no longer work with LA, EL or BA"

Well I stand corrected although I do believe that Midas Press were registered as an ISO 12647 - and on the Proficient Colour Register? Obviously this would not be something that Midas Press PLC can now claim. As for no longer working with Laura Ashley, Estee Lauder and British Airways, maybe these companies took there business away before Midas Press went bust.

Appeal for information

18th February 2010 - The response for my last request for information was great and we were able to publish the details of the new management at Midas Press PLC - thank you for those e-mails and comments.

So now another request - has anyone seen a report from the administrator about the winding up of the Midas Press (partnership) yet? Is it my imagination or are they being very slow? The company is called Middleton Partners. Any info would be gratefully received

McNaughton more worried about environment than phoenix companies

17th February 2010 - Today it was announced on printweek.com that the James McNaughton Group has launched an environmental guide for pulp and paper production.

McNaughton's environment manager Matthew Botfield (pictured) announced the launch.

And guess what, the only comment left on the printweek blog so far is from a "tag" called unhappy printer - his comment is "Fantastic Matthew
Hopefully soon we will have a guide to Pheonix's, Pre-Packs and dodgey MBO's" - sentiments agreed by all of us - especially as it is the McNaughton/Antalis conglomerate that are supporting the phoenixed Midas Press PLC!
http://www.printweek.com/news/984665/James-McNaughton-launches-environmental-guide/

The New Management Team at Midas Press PLC

16th February 2010 - Thank you to the e-mails and Comment that I received. I can at least build up a picture about who is involved in the new "Phoenix" company.

The new management team seem to be as follows:

David Hissey - Main Shareholder and money man. He is the ex partner of Midas Press that retired a few years ago on what was probably quite a healthy pension! He's now back in the driving seat having ousted his previous partner Derek Jarman. Should we feel sorry for Derek Jarman - although he (may- subject to confirmation) be made bankrupt - has he really got nothing? - will it be one of these cases where wealth has been moved to other family members? it will be interesting to see how that develops - any news, just let this site know.

Paul Wells - He's now the Managing Director. Used to work closely with Derek Jarman. I take it they aren't friends now.

Richard Sharman - He's the Financial Director and he was at the old Midas Press (partnership) - he was the one that would never give you a straight answer or if you were a supplier, would never call you back.

Paul Chivers - Production Director - a very competent production man.

Steve Oliver - He used to be the "junior" partner in the partnership before Midas Press went bust and he's obviously run away with his new friends! He's now been de-moted from Junior Associate Partner to be Sales Director of the new Midas Press PLC.

Clive Merit - Commercial Director - I think he's a quite a nice guy but is probably easily lead.

This appears to be the new "TEAM MIDAS" or "PHOENIX FLYERS" - money no object, because we just dumped our liabilities and lost all our debts!

Who is behind the new Midas Press PLC?

15th February 2010 - Firstly I must thank those of you who have e-mailed me directly [dodgytraders@googlemail.com] with information about the Midas crowd although if you post comments on this blog, you can do anonymously.

I think it's about time that the names of the people behing the new Midas Press PLC were named (and if appropriate, shamed) . I presume the paperwork is taking a while to get to Companies House because so far nothing has been filed - so can anyone send me some info about the people behind the new company? I'm sure everyone knows that former "associate partner" Steve Oliver has not been ousted in the management coup and in fact maybe he instigated it? I don't think there's a lot of love lost! All info and or pictures gratefully received...

ISO Accreditations or not?

12th February 2010 - Just had a thought here but Charterhouse Print Management sells itself on it's suppliers having all sorts of quality and environmental badges.

Well, Midas Press (the Partnership) had ISO14001 and ISO9001 but the new Midas Press PLC doesn't have any of these accredited ISO certifications - does it???? .... Does anybody think that they will have told their important customers such as Charterhouse Print Management, or any of their direct customers such as Laura Ashley, Estee Lauder and British Airways????????

Printweek Article about Phoenix companies

10th February 2010 - In spite of the fact that they've removed the link to this blog, Printweek has written an article about merchants supporting "Phoenix" companies and good old Midas Press is getting quite a few mentions! It would be nice if Printweek actually said something rather than sitting on the fence - it must be painful!

It turns out that MsNaughton Paper and Antalis are coming in for quite a slagging! The blog has lots and lots of comments, so have a good read:
http://www.printweek.com/News/MostRead/981724/Merchants-tough-phoenix-firms/

Midas Website dissapears!

9th February 2010 - So the new Midas Press PLC has taken down the old website and replaced it with a "JAZZY" new holding page! ...wow. I wonder if the new website they are working on will mention the 40 year "heritage" of the company and conveniently forget to mention the bankruptcy and trail of debts? I wonder!

Printweek busts my link!

8th February 2010 - Printweek.com have broken the link to this blogsite. Any reason? or are they just as spineless with there blog as in the articles they write?

Charterhouse - Ethical or not?

8th February 2011 - Today I shall be writing to Gary Mahoney who is the Chief Executive of Charterhouse Print management.

Under the section on their website called Our Culture, they state "In our business activities we are partnership-based and ethically guided" .

I'll be asking Mr Mahoney what his policy about using Phoenix companies is and whether they consider that "Ethical". Also, given the fact that they say they work on partnership basis, how about the fact that their partners (print finishers, paper merchants etc) have just been taken for a ride!

Merchants get tough on Phoenix firms - like hell!

8th February 2010 - Printweek has published an article about paper merchants supporting Phoenix firms like Midas Press PLC - and you should see some of the comments on the blog - hilarious.



One of the crackers is David Allen (pictured), UK regional president for parent company Paperlinx, said phoenix companies can use their unfair advantage to lower market prices or take market share."We also regard bad debt as outstanding debt and wouldn't trade with people that don't pay what they owe," he said. Some of the people contibuting to the blog obviously think he's related to the deceased irish comedian of the same name - but he really was funny.

Is this because he has to explain a £580,000 pound loss to his Australian bosses at Paperlinx?
Have a laugh:
http://www.printweek.com/business/news/981724/Merchants-tough-phoenix-firms/

Look who's supplying Midas Press PLC!

8th February 2010 - This morning I drove past the factory and guess what, there was a GM2 lorry being unloaded - so it looks like the paper merchants are back in there to supply the new Midas Press PLC with paper! I think GM2 deliver for Macnaughton paper - I hope you know what you are doing guys?

Are Sothebys and Charterhouse their largest customers?

3rd February 2010 - I have been told by a reliable source that the large print management company called Charterhouse are a big customer of Midas Press.

... and I have also been told that they print Sotheby's auction house catalogues.

can either of these companies confirm or deny this and also state whether they will use the new company, Midas Press PLC! Picture of the Charterhouse offices above (they look expensive!)

...please, comments are welcome!

Printweek reports Midas at last!

29th January 2010 - Wow! what a response to the Midas situation on Printweek.com:

www.printweek.com/news/980464/Midas-Press-sold-management/

...lots and lots of comments.

Finally the press has latched on to this story - I started this blog on 22nd January...!
If anyone has information that people would like to publish (as long as it's not libellous or defamatory, just let me know)

Will Customers still use Midas?

29th January 2010 Some people have e-mailed me to ask if they should still put work into Midas Press? My advice is to look at the facts:

1. They have just taken their suppliers (except the favoured few who they have kept sweet) for a big loss.
2. They are (or will be very soon) in administration.
3. The debts are factored so who would you be paying, the company or the factoring company.
4. What would you print on? Paper suppliers won't be wanting to supply if they have taken a big loss.

Look at the facts and you decide!

Printweek investigates!

28th January 2010 - Today, I had an e-mail from a journalist at Printweek magazine called Helena Morris (sorry I didn't get back to you) asking if I could shed any more light on the Midas Press situation - to be honest it's you who ought to be doing the digging!

Speak to Alison Gates at Middleton Partners and find out what's been going on in court this week and ask about the new phoenix company (sorry, I mean management buyout) scheduled for next week.

if any body feels they want to comment her e-mail address is helen.morris@haymarket.com

Derek Jarmans Birthday - coming soon

28th January 2010 - It's Dereks birthday next Saturday on 6th February. Happy 64th Birthday. If any employee, customer or supplier wants to wish him happy birthday you could send a card to Derek Jarman, Pepys Barn, Blounce, South Warnborough, Hook, Hampshire RG29 1RX.

No news on the Midas Press website!

28th January 2010 - funnily enough there isn't any news on the company website about the companies status and whether it's trading insolvently! - have a look: http://www.midaspress.co.uk/

incorrect postcode for daren's house...

27th January 2010 - I've just been told that the postcode for Daren's house is wrong, it should be GU51 4JW. This will help if you want to pay him a visit and want to pop it into your satnav so it can take you straight there!
PS if you look on google maps, you'll see he has a lovely big trampoline in his exctensive back garden.

Established 1969, gone bust in 2010!

27th January 2010 - Established in 1969, gone bust in 2010!
Unfortunately our proud boast was 40 years of service ...none of us realised that when this line was written that 41 years was going to be the total time that we were in existence! ...nice one Derek!

Midas owes Southern Paper £580,000!

25th January 2010 - Southern Paper is a paper merchant which have been a supplier of Midas Press for many many years. They are also known as Paperco. They have just announced that Midas Press owes them £580,000 - talk about a bankers bonus!

Chris Stockley is the Group Finance Director of The Paper Company and he probably has a few questions to answer to the board of Paperco!

If there are any other trade suppliers who would like to comment on this or make their losses known, please get in touch.

Daren Carter's Home address!

25th January 2010 - As a result of publishing Derek's address, I've now been sent Daren's home address in case you wanted to pop round for a chat - or to see how many cars there are in the driveway!

Daren Carter
Fitzroy House
Fitzroy Road
Fleet
Hampshire
GU13 8JW

Feedback!

25th January 2010 - I'd really love to get some more comments and feedback from people, please just press the comments button on this blog and you'll get straight to me!
Thanks
Auric

Derek Jarman's Home Address!

25th January 2010 - I've just been sent an e-mail by another interested party with Derek Jarman's home address on which you may be interested in if you are a binder or print finisher and wanted to pop round and ask why your invoices are still outstanding! Derek might even make you a cup of tea!

Mr Derek Jarman
Pepys barn
Blounce
South Warnborough
Hook
Hampshire
RG29 1RX

The Partners mobile phone numbers:

25th January 2010 - If anyone needs to speak to Daren Carter about employment issues, late payment or the proposed phoenix business (or management buyout as they like to call it these days!) please call him on: 07836 766155


or you could e-mail him: darenc@midaspress.co.uk

or you could speak to Derek Jarman's mobile number is 07799 885293

Welcome to the blog

25th January 2010 - Welcome to this new blog which I intend to be a forum for debate about the goings on at the ill-fated Midas Press in Hampshire.

I have set up this blog so that employees and ex employees, customers past and present - including those that have currently got print work in the factory and can't get it out! ...and suppliers and local people of Farnborough can post their reactions and disapointment about Midas Press going bust.

It maybe that there are employees with grievances against the owners - Partners Derek Jarman, Daren Carter and junior partner Steve Oliver and the Financial controller Richard Sharman.

It may also be that you are one of our past and very prestigious customers that we used to do work for? ...it may be that you are a supplier who Midas Press hasn't paid for months and months (possibly whilst the partners have been paying themselves!) Anyway, feel free to comment. This is an open blog and I'd love to get some feedback and reaction from Daren Carter, Ricahrd Sharman, Derek Jarman or even the maladjusted Steve Oliver.

Best wishes

Auric Goldfinger

Midas Press appoints an insolvency practitioner...

22nd January 2010 - The Midas Press based in Farnborough Hampshire has officially hit the buffers.

They are working with an insolvency practice called Middleton Partners who they are intending to appoint as an "administrator" for the business. Their details are as follows:

Ms. Alison Gates
Middleton Partners
65 St. Edmunds Church Street
Salisbury
Wiltshire
SP1 1EF
Telephone: 01722 435190
Fax: 01722 421102

It will be interesting to see if the business is sold to the very people that have been running it!