Goanna Print - going, going, gone

Failure to find a buyer for the Goanna Print business sees the end of yet another well-known, award-winning printer.

The ACT-based printer entered voluntary administration last month and will now cease trading on 5 November. With RSM Bird Cameron Partners on board as administrator, the company continued to keep the presses turning and operating as a going concern. It is believed that management were confident a buyer could be found, but according to Frank Lopilato, director of turnaround and insolvency at RSM Bird Cameron, there was no interest in the business as a going concern.

Expressions of interest closed last week and an offer for Goanna Print’s equipment has been accepted by a party, who will inspect the items this week. Lopilato would not disclose the identity of the buyer, other than to say it was “someone with a customer base”, nor could he comment on details of the equipment, including the price that was paid for them.

Prior to entering voluntary administration, Goanna Print had been searching for a sale or merger for some time, though nothing came to fruition from these attempts to put the company back on track.

The 18 staff have all been made aware of the situation. “We had a staff meeting last Friday [15 October] and informed them that weren’t able to find a buyer and would terminate employment,” Lopilato said.

The news is a major blow to the employees, who will now face a hard time finding work similar in a small area such as Canberra and in an industry that has been on the decline for some time, with little chance of relenting.

Lopilato added that creditors would not receive a dividend, but both the bank and employees’ entitlements would be paid.

A leading printer in terms of awards, Goanna Print won a number of accolades, both local and international, including Sappi Printer of the Year 2003, a Benjamin Franklin award along with both PAGE and Galley Club awards.