Melbourne print management and marketing company WaiveStar has collapsed into liquidation and been acquired by a group of investors linked to leading Melbourne printer Mercedes Waratah, a major creditor.
Liquidator Mathew Gollant was appointed on Tuesday after a meeting of the company owners decided to wind up the business.
Brett Chalmers, chief operating officer at Mercedes Waratah, says his company was “owed money for works done but not paid for.”
But he says Mercedes Waratah was not directly involved in the acquisition.
“Some directors have joined a consortium of independent investors who have made the purchase. But I guarantee this has nothing to do with Mercedes Waratah itself.”
WaiveStar, established in 2000 and owned by Michelle Powell and Laurie Clark, has a high-profile client list that includes BMW, Ford, Dunlop, Jenny Craig, Country Road, Blockbuster, Beaurepaires and Goodyear.
Powell and Clark have been unavailable for comment.
The date of the first creditors’ meeting is expected to be announced shortly.