Leonard Curtis sells printing business out of administration

02 September 2021 Consultancy.uk 2 min. read

Aberdeen printing and marketing business Jasmine has been sold out of administration, saving 22 jobs. Professionals from Leonard Curtis Business Solutions oversaw the process.

Formed out of a series of mergers in 2017, Jasmine is a print and PR services firm based in Scotland. In recent years the traditional printing sector has come under constant pressure, seeing many companies pivot to digital-only offerings in order to survive.

At the same time, Jasmine relied on clients from the oil and gas sector in Aberdeen – something which had also been struggling in recent years. The firm’s Directors were trying to manage all these pressures when the pandemic hit in March 2020 – which further deepened the crisis. These pressures finally saw Jasmine fall into administration in August 2021.

Leonard Curtis sells printing business out of administration

Leonard Curtis Business Solutions Group experts Barry Stewart and George Lafferty were appointed joint administrators of the troubled company. Upon their appointment, they issued a statement noting that Jasmine had been “struggling in a difficult industry for several years.”

Stewart added, “It took far longer than anticipated to increase sales and over the period of the pandemic – despite government support – ongoing losses meant funding facilities were exhausted.”

Fortunately, a number of competing bids for a going concern sale quickly maximised realisations for creditors, while protecting the company’s jobs. Jasmine was swiftly sold in a pre-pack administration deal to PFI Group, and the new Manchester-based owner intends to continue operating the business in Aberdeen.

Danny Cowie, a Director of the collapsed company’s parent firm, Jasmine Holdings, said that James Aiken Engineering Solutions, which also is also part of the group, was not affected by the transaction and “continues to trade well”. Speaking on the deal to rescue Jasmine as a business, he added the company “ had a good underlying business with a loyal workforce,” and the group was “very happy that everyone’s jobs could be saved.”

Darren McMurray, CEO of PFI Group, meanwhile remarked, “The acquisition of the Jasmine business further enhances our dominant position in the print and signage marketplace and aligns with our buy and build strategy for acquiring businesses that we are able to leverage with our diverse customer base. It is a pleasure to welcome the Jasmine team to the PFI family and to be able to turn the difficult situation they faced to a positive outcome.”