Guiton claims that Nottinghamshire-based J Howitt & Son Ltd owes £347,486 as the balance of the agreement made in March last year for the sale and purchase of the entire issued share capital of Channel Print.
he terms of the agreement, say the Guiton Group, included the amounts of £1,022,000 plus £100,000, together with a sum equal to the net working capital value.
This was to be paid in three instalments, with the balance paid by 4 September 2003.
The net working capital value was determined as £36,288, bringing the total to £1,158,288.
Howitt paid £785,400 on completion and a further £25,402 in July 2002, leaving a balance of £347,286, which has not yet been paid.
uiton are claiming damages, interest at the court rate, and costs.
n their answer J Howitt deny that any balance is due.
The company says it suffered loss and damage following the closure of Guiton’s book printing business, Guernsey Print, two months after signing the agreement.
Howitt alleges that the loss of this contract was ‘a significant part’ of Channel Print’s turnover.
The company claims Guiton was therefore in breach of the warranties set out in the agreement, which state that ‘so far as the vendor is aware each of the company’s contracts which are material to its business are valid and binding’.
owitt is counterclaiming for damages, interest and costs.
he case is on the pending list.