View all newsletters
Sign up for our free email newsletters

Fighting for quality news media in the digital age.

  1. News
May 19, 2016updated 25 May 2016 9:22am

UK magazine printing giant Polestar in administration with 1,500 jobs at risk

By John Reynolds

Polestar, the UK’s biggest independent printer, has gone into administration after losing a key contract with Daily Mail publisher DMG Media putting around 1,500 jobs at risk.

PricewaterhouseCoopers  (PWC) has been appointed as administrator for Polestar, which fell into administration yesterday (Wednesday). and has begun the hunt for a potential buyer.

Zelf Hussain, joint administrator at PwC, said: “We believe there is a strong underlying business within the group and we are focused on doing all we can to preserve value and maintain the business while we look to achieve a sale.

“We would welcome a dialogue with all interested parties and ask that supplier and customers work with us to try to deliver a lasting solution for the business.”

Polestar prints around 50m magazines a week including various DMG Media titles, Hello!, the Radio Times and Grazia.

It appeared that Polestar’s financial troubles had been stabilised when last month it was acquired by Swedish private equity company Proventus Capital Partner, one of its major lenders. But DMG Media said it would not transfer its contract.

Polestar, has suffered financial problems due to falling newspaper and magazine sales. Over the past ten years, it has shrunk from running 28 sites to seven sites.

Content from our partners
AI challenge asks journalists to pitch for help to solve industry challenges
Newsrooms 2.0: Why WordPress is taking over the industry
Handelsblatt's key strategy for unifying print and digital operations

In 2011,  its financial problems meant that the Pension Protection Fund was forced to take on its pension scheme.

Polestar was set up in 1998 when the British Printing Company, once owned by Robert Maxwell, merged with the printer Watmoughs.

Email pged@pressgazette.co.uk to point out mistakes, provide story tips or send in a letter for publication on our "Letters Page" blog

Select and enter your email address Weekly insight into the big strategic issues affecting the future of the news industry. Essential reading for media leaders every Thursday. Your morning brew of news about the world of news from Press Gazette and elsewhere in the media. Sent at around 10am UK time. Our weekly dose of strategic insight about the future of news media aimed at US readers. A fortnightly update from the front-line of news and advertising. Aimed at marketers and those involved in the advertising industry.
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy Policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network