Avon Graphics set to buy Protectaprint
Avon Graphics is buying the assets and business of troubled laminating outfit Protectaprint, which went into administration at the back end of last year, and was then placed in liquidation, although continuing to trade.
Avon Graphics is looking to take over the Protectaprint name, the site, and the equipment. The fate of the handful of staff still at the business is to be decided, although the former owners of the business Richard and Steve Wilkinson will move on.
The deal will enable Avon to offer laminating on oversize 1450cm sheets from Melbourne, as it can from Sydney. As well as laminating, it will offer UV coating. Protectaprint has two Taiwanese laminating systems.
Tate Hone, managing director of Avon Graphics said, "It has taken a while but I think we have got there now, although we still have to settle.
"It is a good outcome for the customers and for Avon Graphics. We wanted to expand our offernig to the industry."
The deal will be the fourth acquisition in the last two years for Avon, with Bob Minoto's Rotoflex, Murray and Deb Whitting's Auscote, and the Screen division of Daroji all coming into the business.
Avon is currently consolidating all its Brisbane businesses – Avon, the Daroji screen business, and Auscote – into one new factory.
Creditors of Protectaprint will now look to the liquidator to divide up the monies from the sale to pay their invoices, or at least a part of them. Protectaprint went down with $1.7m worth of outstanding debts, unsecured creditors are unlikely to see much of their invoice.
Protectaprint went bust three years after brothers Richard and Steve Wilkinson bought what was the Victorian arm of Allkotes. They had moved from Adelaide following the sale of their original Protectaprint business to McPherson’s. Their tenure of the business saw it in virtually continuous decline.
Stephen Mitting, manager at Cor Cordis said, “We are pleased to announce that an agreement has been reached in principal for Avon Graphics to purchase the business and assets of Protectaprint Melbourne on a going concern basis.
“The Liquidators and Avon Graphics are currently in the process of finalising the relevant terms of the sale agreement and anticipate being in a position to formally announce the conclusion of the transaction shortly.
“We thank the ongoing support of customers, employees and suppliers to date. We encourage customers to continue placing their orders in support of the business at this time. In the interim, customers can send their order requests to care of the Liquidators’ office to facilitate same via email@example.com.”