Greenloch in deep water as credit dries up

High-profile Sydney printer, Greenloch Print Essentials, goes into voluntary administration despite having plenty of work on the floor.

The end of the financial year brought no relief to Tom Szabo’s Greenloch Print Essentials. Instead, the industry veteran was forced to tell his 62 staff yesterday morning that administrators, Hall Chadwick, were taking control of the 37-year-old Matraville-based printing company. The company has battled liquidity issues for some time and was reportedly highly critical of the lending practices of major financial institutions.

According to Jason James, Szabo’s stepson and an employee at Greenloch Print Essentials, there was no other option but for the company to enter voluntary administration. “It really came down to historical problems – the company had too much weight on its back and we needed to make a decision for the future,” he said.

Workers were assured the company had no shortage of work, with all staff requested to stay on in order to get the jobs done. It is understood the administrators hope to either trade the company out of its problems or sell it as a going concern.

News of the administration put the kybosh on plans for the purchase of a Heidelberg 10-colour perfecting press. The installation, which was supposed to start today, Wednesday, was put on hold after the announcement of the company collapse. Heidelberg sources said they were taken by surprise as company representatives at PacPrint, a month ago, had appeared bullish about the company’s prospects and optimistic of its future.

Greenloch is well known as a trade printer as well as for general commercial printing. It is a full service supplier with its own print management connections.