Gulati shuts The Bindery
Printers in Melbourne are rushing to get their work out of trade finishing house The Bindery, with its owner Naresh Gulati bolting the doors shut and closing the business without warning.
Staff turning up for the afternoon shift on Friday were met by Gulati who told them the business was closed. The Bindery had about 40 employees working over two shifts, who are now unemployed.
The status of jobs inside is unknown. Print21 understands that some printers have been paying for their work in advance as Gulati was operating on a cash upfront basis in recent weeks. Some incomplete jobs are still in the factory. Calls to the factory are straight to answerphone and Gulati's mobile is the same.
Engineers from UK used finishing machinery dealer BMS are already in the premises, dismantling equipment to take it overseas.
The Bindery was one of the two big finishing trade houses in Melbourne, with a full range of kit including PUR perfect binding, saddle stitching, polywrapping, laminating and mailing.
Gulati's decision to close The Bindery comes just a few days after he sold the assets of his print operation Rooster IMC to Southern Colour. The exit marks the end of his five year sojourn in print.
The closure of The Bindery means Marvel Bookbinding is the only trade finisher in Melbourne with a perfect binding line, and the only one in Australia with a case binding line.
Gulati bought The Bindery in 2014 as part of his plan to create a national printing empire, and invested heavily in new equipment for it the following year.