The Worldwide Cannington franchise – which took over Worldwide’s WA manufacturing hub shortly after the administrators’ appointment to Worldwide on February 25, 2010 – was among a number of prospective buyers, with administrators McGrath Nicol saying there was strong competition up until the final sale agreement.

The sale is conditional upon a proposed ‘deed of company arrangement’ being accepted by Worldwide creditors at the second meeting of creditors to be held on or around June 24, 2010. The sale is expected to be completed on July 1, 2010, according to McGrath Nicol.

Once the sale is completed, Crystal Printing Solutions will remain an exclusive supplier to the Worldwide network and strategic supply partnerships will be formed with other manufacturers to ensure the franchise network has ongoing supply, according to the administrators.

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