Quebecor shuts its UK business

More than 250 jobs are to go as troubled Quebecor World plc
closes its doors in Corby, Northants. Administrators from Ernst &
Young had been trying to sell the printing firm as a going
concern. A small staff will remain at the plant for a few weeks
to “facilitate the asset realisations,” according to
a statement.

The UK subsidiary of Canadian-based Quebecor World Inc had been
losing £4 million a year before the administrators were
appointed on 29th January. “Losses in January and February
[were] particularly heavy,” said Ian Best of Ernst & Young.
Quebecor had filed for creditor protection in the US and Canada,
but this did not cover its European operations.

The Corby plant has “significant assets”, according
to Ernst & Young, referring to more than £25 million worth
of property and equipment, which Quebecor owns outright. The
administrators said it was clear to them that the assets, and not
the business itself, were attracting buyers.


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