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Face To Face
The Great
British
Byk Of f
“I really want to make The Great British Card Company great again. It has always been a decent business with a strong heritage, but has just been cash-strapped for so long,” says David Byk, group ceo of Swan Mill, which last month brought GBCC into its fold, having acquired the assets and goodwill of the publisher and its brokerage distribution side, Waterwells, for £1.4 million from the administrative receivers, BDO. PG caught up with the man at the top of what is now a £22 million greeting card and giftwrap group.
Above: David Byk has found himself heading up a £22 million branded card and wrap business. Above right: GBCC’s Darkroom and Medici have joined Ling, Curious Inksmith and Talking Pictures in the Swan Mill family. Top: GBCC will continue to be run from its Gloucester premises.
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PROGRESSIVE GREETINGS WORLDWIDE
Until four years ago when it acquired Ling Design, Swan Mill was really operating under the radar in the greeting card world. Admittedly it had bought Penny Kennedy some years prior, but the bulk of Swan Mill’s business has historically been in own brand, producing and supplying all manner of products, from billions of napkins to container loads of crackers to leading multiple retailers and catering corporations, but all rather quietly, largely using the retailers’ respective brands rather than its own. Quietness is not the case now though, as the loud hailer was turned up to maximum volume last month when the deal was finally clinched on GBCC and all eyes are on what will happen now under the new ownership. The acquisition sees Swan Mill double the size of its grip in the direct to retail card and giftwrap scene in one swoop. GBCC is a big beast to absorb, and at a crucial time of year, but David Byk, group ceo, is up for the challenge.
“You’re right, I have lost a bit of weight over this - there has just been no time to eat! I’ll get round to it, but there have been other priorities,” David quips. “Like paying the staff, getting the seven containers of Christmas stock stuck at the docks released and out to retail customers, re-signing licensing agreements with Avanti and Medici, as well as contacting the publishers whose products Waterwells brokers-in to assure them that we are keen to establish a working relationship.” Although it has been no secret that GBCC had been suffering cash flow issues for some time, the longstanding Gloucesterbased publisher had somehow managed to ride the stormy seas, until the conditions worsened a few months ago when its lenders got jittery. “We started talks about potentially buying the business in late July, but it quickly went from a potential purchase to a distress
one,” says David. “The idea of a CVA that was mooted was soon dismissed as it could not get enough backing. It then became a ticking time bomb as the wages needed to be paid and Christmas stock needed to go out. It all had to happen very quickly in the end.” A week after BDO were appointed as administrative receivers, Swan Mill finalised the deal to acquire the assets and goodwill of GBCC and under TUPE regulations took on all GBCC’s 130 staff.