OK, get ready for a rant!It turns out that Midas Press effectively “went bust” last week and yes, that means we (at Fenner Paper) like many other suppliers, won’t get our outstanding invoices paid and we are thousands of pounds out of pocket. Unfortunately that is one of the many risks of being in business.
Sadly this is an all too common occurrence in the printing industry but what really gets people upset is when the printer involved simply tells their customers (which will be many of you reading this blog) that they have "re-branded" or had a "management buy-out". What they will fail to mention is that they have shafted their creditors and literally walked away from their debts. This act in itself is unfair, but then life isn't fair - what is completely unjust is that they can just carry on trading as Midas Press (now PLC) with their customers (you) being completely oblivious as to what has happened.
So just to be clear, MIDAS PRESS HAS GONE BUST, but they are still taking on jobs and trading as Midas Press!
Please THINK AGAIN before supporting this type of phoenix company. How can you trust people who do things like this? According to the Printweek blog, apparently Midas Press have taken Paperlinx (the group who owns Robert Horne, Paperco and Howard Smith) for over £400,000!
If any of you want to see the kind of vitriol that goes with this type of appalling behaviour, have a look at the following links, especially the comments on the Printweek site!
...end of rant
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Hi J
ReplyDeleteJust read this bit about Midas which is an amazing read, call me naive but i didn't realise that anything like that went on. i can't believe that Midas have taken you for thousands of pounds! i use Midas Regularly and had Paul Wells call last week and give me the "speel" about a management buy out which i believed!
i certainly won't we sending anymore work their way.
Keep up the blog J.
Having read the article on printweek and your blog, I am still very confused by what has happened at Midas. Did the company find itself in it's current position because of
ReplyDeleteA)Recession
B)Bad management
C)Some sort of Financial wrongdoing
D)All of the above
Surely the companies that allowed them to have £400,000 of credit are equally to blame
it's a shame the harsh realities of the business world have entered this excellent and normally very positive blog. if the 'new' midas want to be respected by designers they should be honouring their debts especially when it is with independents who add so much to the creative process. we can loose failing printers but not paper companies like fenner.
ReplyDeleteHear ! Hear !
ReplyDeleteGo Justin.
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On Saturday (3rd April 2010) someone left an anonymous comment which was a four letter expletive. I don't know whether this was left by someone who felt particularly strongly against Midas Press going bankrupt and wanted to express their anger towards them or whether it was someone who didn't like the piece that I had posted on the 4th February and was directed towards me. Either way I can't be having rude words left on the blog. I have not published the post but if you want to clarify your comments, please do. Thanks Justin
ReplyDeleteMidas seem to be recruiting in the local papers ....are they in business or are they not?
ReplyDeleteHello to Anon (comment 9th April 2010). As far as I am aware Midas Press is now trading under the name Midas Press PLC, from the same premises as before. So, as I mentioned in my post, to most customers, onlookers and potential recruits they will appear to be the same company. For your interest, the amount Midas Press owed to creditors was over £2million! There is quite a lot about Midas Press on www.printweek.com and there are various articles. A recent article about "phoenix companies" and "pre-pack" deals is worth a read: http://www.printweek.com/news/994047/industry-needs-join-BPIF-taking-stand-against-pre-pack-deals/
ReplyDeleteI previously worked for Midas Press and found both Derek and Darren to be people of the highest calibre. They have run their business for 40 years during which time many employees like myself and suppliers like Fenner have done very well. I feel sure that both of them have suffered a great deal of heartache over this situation.
ReplyDeleteI am not taking anything away from those that have been left with debts, but there are 2 sides of the story, and I know for certain that Midas themselves were faced with many companies presenting them with the situation that they find themselves in now.
Not a single expletive in sight, so I trust that you post this comment.
They've gone again, Smith & Williamson are the Administrators this time.
ReplyDelete