Leading WA printer Picton Press has appointed an external administrator after the Australian Taxation Office (ATO) launched court action to recover a debt of $1.3 million.
General manager Graham Jamieson, who's also a director on the board at Printing Industries Association of Australia (PIAA), says Picton Press remains open for business as administrators from Cor Cordis put together a report of the company’s current financial situation. Picton owes at least another $700,000 to trade creditors.
“There’s not a lot more to be said,” Jamieson told Print21. “We are going through the process and very hopeful to come out the other side. We’re open for business as usual, absolutely. We’re very hopeful but we’ve agreed not to comment and I’d rather leave any further comments to the administrator.”
Administrator Jeremy Nipps says he’s putting together a list of secured and unsecured creditors. The total debt figure so far is more than $2 million.
“The company is continuing to trade, and servicing the clients of the business is a priority, along with supporting the needs of employees," says Nipps. "The underlying business has value and closing the doors doesn’t help anyone.
“Our job is to try to put together a plan to restructure the business so it can continue into the future, whether with the current directors or with a sale of the business where someone else comes in. It depends on what’s out there in the market and we’re testing the market by calling for expressions of interest. We’ll see what comes of that and then it all depends on who’s genuine and who’s not. But the current directors of the company are very keen to retain the business."
Picton Press has grown from a three-man operation in 1988 to become one of Perth’s largest print companies, employing about 30 people, including directors Dennis Hague and Gary Kennedy.
The Perth-based company has prepress, digital, offset and binding departments, specialising in full colour promotional material, magazines, catalogues, brochures, posters, and annual reports, along with digital capabilities. High profile clients include Coles, Woolworths and Domino’s Pizza.
A first meeting of the creditors will be held at the BGC Centre in Perth at 10am on Friday, 1 June.