Administrators PKF told a creditors’ meeting in Sydney yesterday that Beaver had ceased trading and that they were in the process of looking for a buyer.
CPI chief executive Bernard Cassell, who attended the meeting, told ProPrint that creditors were informed that “no deal had been made” over a sale of Beaver, despite claims from Beaver general manager David Francis earlier this month that entering voluntary administration was a “strategic” move as part of a merger with Chippendale Printing.
“The administrators have said that they’ve closed the doors, so the business is over,” Cassell said.
“Now they’re just trying to sell the customer lists and whatever else might exist. The administrators are saying there’s no money in the business at all,” he added.
Administrators were said to have been asked about Chippendale’s involvement, but PKF would not confirm or deny names of any of parties it was in talks with over a potential sale of Beaver’s assets.
Cassell said another creditors’ meeting was set to be held in three weeks time, adding that there was an expectation that the company would be placed into liquidation at the next meeting.
He also confirmed that the Komori press on Beaver’s floor, which was technically still owned by CPI, had been repossessed and resold by CPI, and was presently being dismantled with a view to installing the press at another printing company.
PKF refused to comment to ProPrint other than to say that their appointment was confirmed at the creditors meeting.
Beaver Press entered voluntary administration earlier this month – on the same day David Francis told ProPrint the company had agreed to merge with Chippendale.
Beaver founder and managing director Robert Francis, who is also believed to have attended yesterday’s meeting, told ProPrint last week that he expected the company to be liquidated and that he understood PKF was in discussions with Chippendale, but that “until it’s all signed and sealed, there’s no point in commenting on it”.
Robert Francis refused to comment when contacted by ProPrint yesterday.
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