Above: Sule Arnautovic from Salea Advisory
Entry Print Options, Graphic Print Group (GPG) and Graphic Net in Sydney and Adelaide at the moment are on the market after getting into voluntary administration with 50 workers affected.
Sule Arnautovic from Salea Advisory has been appointed voluntary administrator for the three companies by the administrators of the enterprise.
Arnautovic is a chartered accountant, registered liquidator and accomplice of Salea Advisory.
“The administrators of the businesses have initially suggested that the explanations for the administration of the businesses might be attributable to poor financial and buying and selling situations, vital value expenditure with respect to varied premises leases and excellent statutory taxation obligations,” Arnautovic advised Sprinter.
“I’m presently persevering with to commerce the businesses’ enterprise through the administration interval with a view to restructuring the businesses by way of a Deed of Firm Association (DOCA) and/or implementing a going concern sale of enterprise.
“Right now, I hereby advise that the businesses will proceed their enterprise operations within the bizarre course of enterprise.
“Ought to any events be fascinated with buying the enterprise of the businesses, please contact my workplace urgently,” Arnautovic stated.
An preliminary on-line assembly of collectors of the Corporations is because of be held at 10.30am on Friday, 28 June 2024.
The way forward for the Corporations will possible be determined at a serious assembly of collectors to be held in roughly 4 (4) to 6 (6) weeks. All written queries from collectors of the Corporations must be directed to the places of work of Salea Advisory by way of e-mail at [email protected].
“At this stage, it’s too early to advise if there will likely be any dividend or distribution paid to bizarre unsecured collectors of the businesses as we’re nonetheless assessing the out there belongings and liabilities of the businesses. We are going to report back to collectors sooner or later on this regard,” Arnautovic stated.
In 2015, Entry Print Options doubled the dimensions of its enterprise with the acquisition of Adelaide-based Graphic Print Group.
Sprinter understands Entry Print Options operated A1 presses in Sydney and internet presses in Adelaide and had a fame for extremely aggressive pricing.
The collapse of Entry Print Options follows the opposite current voluntary administrations within the printing business together with Mesh Direct in April 2024, Starleaton in January 2024, and All Flags in 2023.
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