A cone of silence has descended on the machinations at Sydney-based printing company, Sydney Allen, following an extraordinary detailed statement from industry identity, Bob McMillan, that he was lending the company’s principals money to pay off debts and relocate to his old printing premises in Granville.
The normally reclusive McMillan broke his silence, speaking at length with a trade journal to confirm his engagement after months of speculation from the industry. While denying he was getting back into printing, McMillan will wind up being the money behind a revamped operation run by current directors, John Mangos and Chris Wallace.
Industry sources maintain that Lee Barnsley, once executive GM of McMillan Print Group before it was sold to Blue Star in 2007, will take the helm of the relocated business. It’s likely there will be extra investment in new equipment as Sydney Allen moves from its Condell Park premises across town. With a turnover of $13.6M and 59 employees, Sydney Allen has not been known to invest in technology in recent years, part of the reason it was floundering.
McMillan reportedly has a number of businesses on the Granville site but does not have equity interest in them all.
A spokesperson from Sydney Allen, while confirming the thrust of the article, denied that any of the loan was to pay off an equity partner there. The move to Granville is expected to take place over the next few months.
If Barnsley is appointed to run the printing side of the operation, it will be an exceptional ‘Groundhog Day’ experience for all concerned.
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