Memery Crystal Advises Purchaser of Wyndeham Press Group Ltd
Memery Crystal LLP has acted for Walstead Investments Ltd ("Walstead"), in connection with its recent acquisition of Wyndeham Press Group Ltd ("Wyndeham") from a syndicate of Icelandic shareholders, returning a significant player in the UK print market back to British ownership.
Walstead, backed by Leumi ABL, the asset-based lending subsidiary of Bank Leumi (UK) plc, was established by long-term Memery Crystal clients Richard Fookes, Stephen Hargrave and Mark Scanlon.
The transaction involved the restructuring of Wyndeham's banking facilities, previously provided by Landsbanki, and provided new working capital facilities to Wyndenham and a significant reduction in its indebtedness.
Wyndenham is a commercial printing group with 850 employees. Its operations cover web-offset, sheet-fed and continuous printing, finishing, creative and pre-press services. Wyndenham was a quoted PLC until May 2006, when it was acquired by a syndicate of Icelandic investors. Ongoing financial support from Leumi and Walstead is conditional on a restructuring of the Group's business at Wyndenham Heron.
Richard Fookes, Stephen Hargrave and Mark Scanlon financed the buy out of web-offset printers Cooper Clegg in October 2008. All three were previously directors and shareholders of Thomas Potts plc, the AIM-listed print group.
The Memery Crystal team was led by corporate finance partner Andrew Titmas and included associate Richard Green and assistant James Fussell.
Memery Crystal is a recognised leader for its corporate finance work, including insolvency and restructuring, M&A and IPO fundraisings. The firm has been ranked among the upper tier of law firms for M&A by both Chambers UK and The Legal 500, acting for small to medium-sized companies.