Options currently being reviewed include a pre-pack sale, further investment or a ‘debt-for-equity swap’.
Owned by Sun Capital Partners, Polestar prints a number of well-known magazines including Top Gear, Radio Times and Grazia.
According to Deloitte, the firm has struggled with a poor trading month leading to delays in payment for suppliers and HMRC. Sun Capital Partners bought the printer in a pre-pack deal back in 2011 and only last expanded the business by buying the River Group.
Over the last few years, magazine and newspaper sales have continued to fall as a result of increased online media consumption.
More on Polestar to follow….