Partner Article

Rescue deal saves 30 jobs at Newton Aycliffe printers

Newton Aycliffe-based HPM&ADDO has secured finance to save 30 jobs after falling into administration on Friday.

HPM&ADDO, which was formed earlier this year when 125-year-old HPM and Darlington-based Addo entered a working partnership, was suffering from a number of major contract losses, including its deal to produce Middlesbrough FC’s match day programmes.

On Friday administrators were called into HPM and the business looked certain to close, with the unfortunate loss of 42 jobs.

Managing director and former Addo boss Keiran Bayley found a last minute solution by securing the finance needed to enable Addo to acquire the assets of HPM, resulting in just 12 job losses.

The move saved 30 jobs across the group and has put the business on a strong foothold for recovery and growth.

Bayley said: “When we found out HPM were in trouble earlier in the year we felt if we put both operations under one roof we could turn the business around and save all the jobs in jeopardy.

“It was unfortunate that we couldn’t shake off HPM’s struggles and, with significant pressure from the bank, it eventually meant the end of what was a print company with real heritage.

“Unfortunately the business model for staffing levels in relation to turnover simply didn’t stack up. Ultimately we were faced with the difficult choice of making 12 redundancies or 42.

“We could spend an eternity looking back and picking the bones out of what could have been but the pure fact is there is a print business in Newton Aycliffe with 30 employees that wants to look to the future, grow, invest and contribute to what is a wonderful region.”

This was posted in Bdaily's Members' News section by Ellen Forster .