10 Feb. 2023: Crown Van Gelder has been rescued and will restart production imminently, on the back of a substantial eight-figure fresh investment. CVG will benefit from €30m (£26.5m) of new capital.

The Netherlands-based papermaker was declared bankrupt at the end of January.

Last week, Printweek revealed that a number of potential buyers were interested in the business.

Today (10 February), the company issued a brief statement about the rescue deal.

It said: “Crown Van Gelder is very excited to announce the company has been purchased and we will restart operations in less than two weeks.”

However, the name of the purchaser(s) had not been disclosed at the time of writing.

The statement continued: “The level of support and investment from our customers and partners was simply stunning.

“CVG will be debt free, with more than €30m of new capital from our partners to grow our leading inkjet, industrial and alternative fibre papers.”

The firm said that all 250 employees would be retained and the capital injection would allow it to invest in new kit and add new products.

The mill currently has production capacity of around 180,000tpa.

Flagship products include the Crown Letsgo range of papers for high-speed inkjet and its Crown Native sugar beet papers. 2°C.

By Jo Francis, Printweek