Above: Sule Arnautovic from Salea Advisory
Access Print Solutions, Graphic Print Group (GPG) and Graphic Web in Sydney and Adelaide are now for sale after entering voluntary administration with 50 employees affected.
Sule Arnautovic from Salea Advisory has been appointed voluntary administrator for the three businesses by the directors of the business.
Arnautovic is a chartered accountant, registered liquidator and partner of Salea Advisory.
“The directors of the companies have initially advised that the reasons for the administration of the companies can be attributable to poor economic and trading conditions, significant cost expenditure with respect to various premises leases and outstanding statutory taxation obligations,” Arnautovic told Sprinter.
“I am presently continuing to trade the companies’ business during the administration period with a view to restructuring the companies via a Deed of Company Arrangement (DOCA) and/or implementing a going concern sale of business.
“At this time, I hereby advise that the companies will continue their business operations in the ordinary course of business.
“Should any interested parties be interested in purchasing the business of the companies, please contact my office urgently,” Arnautovic said.
An initial online meeting of creditors of the Companies is due to be held at 10.30am on Friday, 28 June 2024.
The future of the companies will likely be decided at a major meeting of creditors to be held in approximately four to six weeks. All written queries from creditors of the companies should be directed to the offices of Salea Advisory via email at admin@salea.com.au.
“At this stage, it is too early to advise if there will be any dividend or distribution paid to ordinary unsecured creditors of the companies as we are still assessing the available assets and liabilities of the companies. We will report to creditors in due course in this regard,” Arnautovic said.
In 2015, Access Print Solutions doubled the size of its business with the acquisition of Adelaide-based Graphic Print Group.
Sprinter understands Access Print Solutions operated A1 presses in Sydney and web presses in Adelaide and had a reputation for highly competitive pricing.
The collapse of Access Print Solutions follows the other recent voluntary administrations in the printing industry including Mesh Direct in April 2024, Starleaton in January 2024, and All Flags in 2023.
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