The Midas Press goes bust blog...

I have set up this blog so that past customers, users, employees and suppliers and local people of Farnborough can post their reactions and disapointment about Midas Press going bust.

It maybe that there are other employees with grievances against the owners - Partners Derek Jarman, Daren Carter and the very junior and jumped up partner Steve Oliver. 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 whilst (possibly) the partners have been paying themselves! Anyway, feel free to comment - this is an open forum and all opinions are welcome - although please bear in mind that we don't want anything defamatory or libellous said.

We are particularly looking forward to comments from the partners themselves.

Showing posts with label Midas Press PLC. Show all posts
Showing posts with label Midas Press PLC. Show all posts

20110317

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."

20100923

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!

20100715

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?

20100521

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!

20100514

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.

20100511

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

20100428

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

20100427

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.

20100426

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]

20100415

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

20100412

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]

20100408

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

20100407

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]

20100406

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

20100401

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

20100329

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