ProPrint has learned that the decision to shut down POL was made last Thursday, with staff believed to have been informed the next day. ProPrint was also informed that the company has been in debt for some time.

The POL mastheads – which include Vive Magazine, POL Oxygen, Stretch and Luxe – have not been seized as assets as they have been placed in a separate company under control by a director. Some reports claim that certain publications in the POL stable may be purchased by other publishers.

The company has now been placed into the administration of accounting firm Grant Thornton, with Said Jahani leading the operation. PPB is handling the receivership.

“Fundamentally, the issue has been that they’d run out of money”, said Jahani, who was unable to reveal exactly how much the publisher was in debt.

Grant Thornton is now charged with finding out “where the money went”, with a report to be tabled to creditors in five weeks advising them how to proceed.

Comment below to have your say on this story.

If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.  

Sign up to the Sprinter newsletter