Victoria-based digital print, signage and display solutions company Signex Group and its wide format print subsidiary Prologica Digital Print have filed for voluntary administration.
Signex co-owner Doug Pieper told Sprinter that the company filing for voluntary administration is a result of the sports signage supplier losing more than $1 million in signage work this year as a result of COVID-19, which forced the cancellations and postponement of many major sporting events including the Melbourne Grand Prix and Melbourne International Flower and Garden Show.
“We’ve had 70 per cent of business swept out from under us because of COVID,” Pieper said.
Signex Group was established in 1985 and specialises in corporate, exhibition and event signage as well point of sale and visual merchandising material. This includes large format posters, sleeves, bollards, a-frames, floor graphics as well as show-cards, dump bins, standees, window decals, flags, banners, and free standing displays.
It also designs, builds and installs trade show displays for companies throughout Australia.
Signex Group also offers in-house design and production services, including computer design and CNC cutting, of acrylic and metal fabrication, spray painting and carpentry.
According to Pieper, the company is looking to restructure its business and aims to emerge out of the administration process in the coming weeks.
He added that the company is in a bid to save the jobs of employees and has paid off any outstanding staff entitlements, invoices, and superannuation contributions.
“We do not owe any suppliers, customers, or staff any money – everybody in the industry has been paid and we don’t owe a cent to anyone,” he said.
“When people hear that a business is going into voluntary administration, they think that it’s going into liquidation.
“We’re exactly the opposite – we’ve deliberately done this to fix a problem that we saw occurring because last year, we had two prominent Melbourne printing companies go into liquidation and a sports promoter failing to meet commitments.”
Pieper mentioned that the company intends to take advantage of what the government has put in place with the safe harbouring scheme and move forward.
“We’ve done it to save our employees, suppliers and customers,” he added.
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