Reading Between the lines... - 5.7.2009

Many of you will have either seen the Vasanta article in the Sunday Telegraph or have news of it through the grapevine. At first sight it doesn´t make for good reading and the sensationalist headlines certainly don´t inspire.

However bad the news appears it doesn´t truly correlate with the information the board have collectively received from Mark Johnson, the Financial Director and the main points are as follows; Vasanta are in refinancing talks with the Banks, and the next few weeks are expected to see the conclusion of a new deal.

 The Office Friendly Board are still in full support of Vow, Ian and his team, and all employees of the trade company that has been our major supply chain partner for 15 years.

The daily processes will continue to function as usual and we expect the changes recently implemented to significantly improve.

The Office Friendly Board are keen to stress the need for supply options, wholesale, manufacturer and through distribution but are concerned that any serious reduction in wholesale capacity would have major consequences for the whole industry.

There is no doubt that we are facing testing times but remain resolved in supporting Vow through their financial restructuring negotiations and to seeing real benefits to members following the successful completion of those negotiations.

If any members would like to discuss this further please don´t hesitate to contact Steve Harrop on 07860 297738, or via email at steve.harrop@officefriendly.co.uk