Lincoln-based managed print service company Danwood has been sold to its national competitors Apogee, Lincolnshire Business has been told by staff at the company.
Danwood has around 400 staff at its Lincoln site. Employees told Lincolnshire Business that around 120 people will be made redundant, some of which will be put on three months ‘gardening leave’.
An official announcement is expected to be made later today by Danwood and Apogee, but both companies would not comment until then.
One employee told Lincolnshire Business: “It’s been very underhand. Danwood said that they had a 10-year plan and they have just sold out.
“There has been rumours for ages but Danwood had been saying everything was fine. I just think people should be aware.”
The employee added that many of the senior management team have already left the business.
Apogee provides managed services of print, document and process technology from 20 offices across the UK and Europe including its head office in Maidstone in Kent.