In the week that 91-year-old music and film retailer HMV entered administration, there was better news for a Scottish printing firm which entered liquidation last week.
Montgomery Litho Limited, marking its 30th anniversary in January 2013, called in the liquidators on Friday January 11th. However, in a swiftly arranged deal with the management of the company, much of the old the firm will now trade under the name McAllister Litho Glasgow.
Whilst 148 printing and book binding jobs were lost, the buyout saves 76 other positions. It will continue to operate in the digital, litho, print finishing and reprographics sectors.
The managing director of the new company, Janette McAllister said:
“I am pleased to be able to announce the purchase of MLG Glasgow, in a move which saves 76 jobs. I am extremely grateful for the support of the staff and customers in what has been a difficult few months for the company, but remain confident the business will soon regain its momentum.”
Though the news will be welcomed, there are still many challenges to face. In the present economic climate, an increasing number of Scottish firms are looking at how to regain momentum in their own market places.
Many are now doing this with the help of an asset finance broker. Helping to realise greater levels of income from existing clients is seen as an important strategy which, together with invoice discounting, can free up significant volumes into the cash flow.
Operations for the new McAllister Litho Group firm will be managed from former Montgomery Litho headquarters in Finnieston, Glasgow.