New Inn printing firm folds and more than 100 jobs are axed

New Inn printing firm folds and more than 100 jobs are axed

New Inn printing firm folds and more than 100 jobs are axed

First published in News
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STAFF at a printing company face an uncertain future after their firm was said to have collapsed after struggling for years to weather the economic downturn.

MWL Print Group at Pontyfelin Industrial Estate in New Inn announced it would stop payments to staff after suffering from reduced revenues and margins for the last two years.

The printing group understood to employ more than 100 staff said it had tried to sell the business but a deal had collapsed.

The group has done work for blue chip companies such as Sharp and Panasonic, high-profile Government organisations including The Patent Office, Ofsted and the Department for Transport and specialised in the production of print items for the education sector.

In a letter circulated to staff the company said: “I regret to inform you that because of the companies’ financial difficulties due to the business suffering from reduced revenues and margins in the last two years due to overcapacity in the industry, we tried to sell the business to save all the jobs but the deal fell through yesterday.

“The company is no longer in a position to make payments to you and therefore I am very sad to inform you that it is necessary to terminate your contract of employment with immediate effect.

"For your information, the companies will convene a meeting of their creditors. When the details have been finalised you will be informed in writing.

“All of the directors are extremely sad that it has come to this and we sincerely wish you well for the future.”

The Argus understands the company made the announcement on Friday.

A reader, who did not want to be named, told the Argus: “Lots of jobs have been lost. Avana Bakeries have lost jobs. It’s quite horrific. It’s a bad situation for this part of Wales.”

No one at MWL was available for comment this evening.

Comments (1)

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6:27pm Tue 2 Sep 14

DavidMclean says...

Such a shame. A well recognised and respected company.
Such a shame. A well recognised and respected company. DavidMclean
  • Score: 2
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