Rooster IMC into administration
Naresh Gulati's print empire is no more, with print business Rooster IMC – of which there was virtually nothing left – joining The Bindery in administration.
The move into adminstration comes four weeks after Gulati sold the assets of Rooster to Southern Colour, along with the lease to the Mount Waverley building and some equipment. Southern is also taking on some Rooster staff. The Bindery – located next door – closed a week later.
For entrepreneur Naresh Gulati, putting his businesses into adminstration marks the end of his five year print project. He created Rooster IMC over a couple of years 2014-2015 when he bought and stitched together several print related businesses, notably BPO, OCA, and Print Bound. He also bought finishing house The Bindery.
He invested heavily in new offset, digital, and wide format presses, and invited the industry to use Rooster as a one-stop trade house. However, the business never achieved what was intended, and Gulati had to spend a fair amount of time in India.
Gulati businesses M/s Nine Investments and OCA Group had a combined loss of $2.1m in the year 2016, $1.6m in 2015, and $8.1m in 2014. At the end of June 2016, M/s Nine Investments had total assets of $18.1m, and total liabilities of $19.5m.