A Sydney-based printing business turning over more than $8 million a year has collapsed, as businesses continue to come under pressure and insolvencies reach a record rate.
Good Impressions Offset Printers has been placed in administration, with Lawler Partners’ John Vouris and Bradley Tonks appointed.
Vouris told SmartCompany this morning the business has been at the mercy of a downbeat economy.
“The company has been experiencing some difficulties and was left with no alternative than to seek administration.”
“Turnover dropped dramatically during the past year, and it was even looking at a joint venture with a similar company that was experiencing difficulties.”
“There’s a lot of hurt out there and often printing is one of the first industries to bear the effects of what’s going on in my experience.”
The company’s collapse has come at a time when insolvency rates remain higher than ever. Last year was a record for company collapses, according to the Australian Securities and Investments Commission. The pace of collapses has slowed in the new year, a traditionally quiet time for insolvencies.
Good Impressions specialises in high quality, multi-colour commercial printing, along with graphic design and binding services. It has about 30 employees, with unsecured debt of $1.2 million, and continues to trade.
SmartCompany contacted the business this morning, but it was unable to reply before publication.
A creditors’ meeting is set to take place this Thursday, with Vouris saying the administrators are keen to see if the company can be sold as a going concern.
The administrators have advertised the business as having specialised plant and equipment, a customer database and fully trained staff. Vouris says the value of these assets is unknown as he’s still waiting on an assessment.
“There is sufficient work in progress to continue with advertising the business as a going concern. We’re hopeful that will be the case.”