ABC’s annual turnover was about $5.4 million. It owes $2.5 million to secured creditors and $900,000 to unsecured creditors. A related company, ABC Printing Employment Service, also owes $387,000 to the Australian Taxation Office.
ProPrint spoke to ABC director Alan Atterton on the one-year anniversary of the floods in January 2012. He said the company was struggling to survive after floodwater as high as three metres swept through its Milton premises and caused $2 million worth of damage.
ABC Printing had managed to continue trading by borrowing press time from major Brisbane printer Platypus Graphics while it waited to move into a new site in Banyo.
Platypus owner Tom Lusch said he was sad to hear of the demise of “a quality printer”.
“They tried hard after that flood to resurrect. They did a great job of not giving in, but circumstances got the better of them,” he said.
ABC was voluntarily wound up on 9 March and liquidators Bradley Hellen and Ann Fordyce of Pilot Partners appointed three days later.
Hellen said it was too early in his investigation to say for sure why ABC had failed, but added that the directors told him ABC’s turnover wasn’t high enough to mitigate the damage caused by the flood and the forced move to new premises.
The liquidators are now trying to sell ABC’s assets, which include a six-colour Komori Lithrone L628 dating from about 2000. There is also a Creo Lotem 800 II platesetter, Polar Mohr 115 ED guillotine, Schneider Senator SR0059 stacker, Duplo System 5000 bookletmaking and collating system and Screen PlateRite 4300S CTP platesetter and plate processor. The company also has a client list and a 9.5 year lease.
Hellen said there were “numerous parties inspecting the premises and the equipment or who have called expressing an interest”.
Lusch said he probably wouldn’t buy any ABC equipment, although he had already recruited “two or three” of its staff and would be open to picking up some of its clients.
ABC Printing has three equal shareholders: Alan and Brigitta Atterton, Jason and Vicky Hunter, and Parade Mail.
Alan Atterton did not return ProPrint‘s calls.
Read more: The rising costs of a natural disaster
Comment below to have your say on this story.
If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.
Sign up to the Sprinter newsletter