There was no pot of gold at the end of Rainbow Printing's second time around in the Sydney printing market. The company closed it's Wetherill Park production operations before Christmas, selling off its equipment and letting staff go before transferring the client lists and data to serial takeover specialist, Mark Shergill.
Rainbow owners, Michael & Desiree Meoushy, will continue to work in the business under its new owner. They have relocated to Dunlop Street, Strathfield South.
"Look, it's been very tough time during the past year. It's a very tough industry for big and small players," said Desiree. "We're working with Mark to help him keep servicing our customers. Maybe it’s the best for now."
This is the second time Rainbow Printing has come to a sticky end. It went into voluntary liquidation in 2009 under the control of the long-term family Nothing seems to have improved five years later.
Shergill, who had a big year in 2014 with the takeover of Focus Press, says he wasn't on the lookout to buy anyone, it was an opportunity that presented itself.
"The opportunity just came up. They'd sold the presses to dealers and closed the plant. I was only interested in the client base," he said. The business will continue to trade as Rainbow Printing.
This is the sixth business the dynamic print entrepreneur has acquired over the past 18 months. Rainbow Printing joins his other companies; Focus Press, BPA Print Group, Print Warehouse, NewTone, Trodel-Docucopy, and Dynamic Print Communications. The diverse group operates along the length of the east coast with sites in Melbourne, Sydney and the Gold Coast.