Failed multi-million dollar printing business Sydney Allen Printers is officially up for sale, with insolvency specialists CRS Insolvency Services calling for 'urgent' expressions of interest.
In an advertising campaign launched today across media sites including The Sydney Morning Herald, CRS describes Sydney Allen as a well-established sheetfed printing business trading from leased premises in Condell Park, NSW, with assets that include plant and equipment, a website, telephone numbers and office furniture.
Turnover for the 2015 financial year is listed at $12.8 million, with 2016 financial year to date turnover estimated at $9.8 million.
Urgent expressions of interest are sought from persons interested in acquiring the business and/or assets of the Company. All interested parties should register their interest by email to sydney@crspartners.com.au by close of business on 29 April 2016.
The ad (see below) describes the current workforce as approximately 20, which suggests that about 30 staff members have lost their jobs. When the iconic Sydney printer collapsed into receivership just under two weeks ago, 50 staff members were employed at the business.
The sale notice follow's yesterday's initial creditors meeting held in Parramatta, which was heavily attended by creditors both in person and by proxy. The meeting voted to set up a committee of five creditors who will be responsible for representing the larger group as a buyer is sought for the business. The sale process is expected to run for two weeks.
In the meantime, Sydney Allen remains open for business at its Condell Park premises, after likely bidder Mascot Printing signed a Business Licence Agreement with the administrator to take over the operations and ensure there was no interruption to the business as the sale process moves ahead.
Mascot managing director Joe Pizzo said last week: "We are very pleased to have been able to step in and support Sydney Allen. With key staff and management on board and the financial backing of Mascot, we are confident that we will be able to service all Sydney Allen customers without any interruption."
Sydney Allen MD John Mangos welcomed the move by Mascot Printing: “I am very pleased to have the Mascot team on board and pleased to be getting Sydney Allen back on a sustainable footing,”
The collapse of the well-established Sydney printer surprised many and led major investor Bob McMillan to launch immediate action to protect the interests of McMillan Investment Holdings.
In a statement, McMillan said that the appointed receiver Hall Chadwick did not make clear the priority enjoyed by McMillans and creditors of the company.
Sydney Allen Printers Pty has been a leading Sydney printing company for more than 60 years.
