Midas Press in administration ...again!

13th October 2011 - Reported by Printweek

By Adam HookerWednesday, 12 October 2011

Farnborough printer The Midas Press has gone into administration and is understood to have closed its doors. PrintWeek has received a number of calls from staff claiming that they were made redundant in a meeting at 1pm this afternoon.

When PrintWeek contacted the company yesterday, an employee said that the businesses was still trading, however the phone has not been answered today.

According to Midas Press's website, Anthony Spicer and Henry Shinners of Smith and Williamson were appointed administrators today (12 October).

The administrators were not available for comment at the time of writing.
Midas Press's closure brings to an end a difficult two years for the business, which went into administration in January 2010 and was sold to a management team.

In September last year it was reported that the company merged with Southampton printer LPC Print. However, LPC managing director Nicholas Lee resigned as a director of Midas Press in March and when contacted by PrintWeek he said that he has "not been involved with Midas for eight months now".

...there are at least 18 comments on the blog post:

http://www.printweek.com/bulletin/printweekdailybulletin/article/1098388/midas-press-administration/

Thanks to all those who've e-mailed me with comments (most of them un-repeatable). To answer one question, I won't be changing the name of this blog to Midas Press goes bust again!!

In all serioussness, it is a great shame for the employees (not necessarily the bosses) that have lost there jobs at Midas and I hope they can find other jobs soon.

Heidleberg invests - again!

17th March 2011 - Thanks to the blogger that sent me the link to the latest Heidelberg publication - very nice article but (un)surprisingly, no mention of the £60,443.42 that Heidelburg were owed when Midas Press (partnership) went bust last year!
http://midaspressgoesbust.blogspot.com/2010/04/creditors-list-page-6.html


Heidelberg News - Feb 2011


LPC Printing joined forces with Midas Press last year but it is starting 2011 with a major new investment at its home plant in Southampton. The company is taking delivery of a Speedmaster XL 75-10-P, a Stahlfolder KH 66 and a Stitchmaster ST 450 saddle-stitcher.

"Although the press is a direct replacement for the SM 74-10-P, the XL 75 long perfector which has just been installed is already achieving ten minute makereadies. Inpress Control is absolutely fantastic in getting to and maintaining colour throughout a run, and combined with Autoplate XL automated plate changing it eats through multi-section work and makes life much easier for the operator," says Nick Lee, Managing Director.

"Autoplate XL can load ten B2 plates in one minute 40 seconds," says Matt Rockley, Product Manager for Heidelberg. "Combined with the measuring and monitoring of Inpress Control, printers can achieve very fast set up with least waste. These popular tools working in tandem maximise pressroom efficiency and as a result are increasingly popular with printers throughout the UK."

LPC Printing has from the start been a keen advocate of automated workflow, efficient production and secure inter-departmental communication.

The ST 450 saddle-stitcher replaces an ST 100. The larger, more automated model and the new KH 66 combination folder give LPC Printing additional finishing capacity and the ability to bolster the group's capacity when demand dictates.

LPC Printing joined with Midas because the latter company was different but complementary, bringing together a powerhouse of digital and litho production. Midas had its own customers and a B1 capability but also a depth of knowledge and expertise among the 78 staff that matched that of LPC. Both companies have a strong service ethos and both are Heidelberg houses.

"There are three reasons why we return to Heidelberg repeatedly," says Mr Lee. "They are substantially larger than rival suppliers so their R&D continues to keep pace. The source of minders you can attract when you buy a Heidelberg is much broader and, finally, the service and repair base is critical when we are working 24/7 across both sites."

Calling all Salespeople

14th February 2011 - Happy Valentines Day

Today, the newly styled "Midas Press Limited" has placed an advert for a new salesman in the lonely hearts column known as Printweek Jobs.

"The Midas Press are recruiting for a self driven successful sales person, with experience in selling from B1 to Digital. The successful applicant must have a proven sales track record in new business and an existing client base"

Apparently... "The Midas Press Ltd is one of the country’s premier B1 printing companies based in Hampshire" - the advert just doesn't happen to mention the recent history.

Applications please to onetime associate partner (of Midas Press Partnership), Mr Steve Oliver

New Identity

4th January 2011 - New year and a new Logo for the new Midas Press Limited

Happy New Year

1st January 2011

Lets all hope that 2011 is a better year for all staff at Midas Press (and LPC of course) than 2010!

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?