ICSM manufacturing news: problems mount for the YM Group after making a pre-tax loss of £8.3m and struggling to complete orders on time

ICSM manufacturing news: problems mount for the YM Group after making a pre-tax loss of £8.3m and struggling to complete orders on time

Judging by the number of comments on Print Week’s website about YM in ‘perfect storm’ you think the printing and marketing group were about to join Polestar into the annals of printing history.

Several commentators actually liken the problems of the Yorkshire based quintet of companies to those of Polestar that folded in 2016. Polestar was then the largest independent printing company in the UK with 1,500 workers and contracts to print Hello, Cosmopolitan and the Radio Times. One of the reasons for Polestar’s demise was becoming over stretched by taking on large contracts which they struggled to maintain.

Writing for the online trade magazine Print Week Jo Francis reported on an emergency meeting at YM Chantry following ongoing problems at their Wakefield plant due to a press failing. The journalist wrote: “Since YM started printing the weekend supplements for the Daily Mail and Mail on Sunday six weeks ago, the business has been plagued by breakdowns and other production issues.”

She reported that the MD Peter Greaves didn’t attend the crisis meeting as he was on holiday and added that the company had let down the DMG titles over late deliveries forcing their client to shift the print runs to other companies. Last month Jo Francis reported on the late delivery of TV Choice magazine leading to speculation that the more than one million print run had to be completed at rival firms.

ICSM understands that Pricoa – YM’s paymaster - has had to inject more cash into the ailing group after making a pre-tax loss of £8.3m in the financial year ending in 2020. For suppliers of paper, ink and other services the omens are not good especially for those with long memories will recall a similar problem beset by Polestar. As one commentator wrote on Print Week’s website: “The DMG deal was the last big throw of the dice for a desperate company. Let’s not forget who headed this deal up at YM Group - the same guy who was at Polestar, and that ended well.”

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