Embattled Hyde Park Press determined to ‘go out with our heads high’

Managing director Barry Davis said he had stressed to staff how important it was not to tarnish a hard-earned reputation for producing quality work and meeting deadlines.

“Morale is very high here. We’ve got a really good culture in this company,” he told ProPrint.

“We want to maintain that culture right to the end and go out with our heads high if no one buys us.”

Davis said that November had been typically busy and that the Adelaide firm’s 50 employees had even been doing overtime in order to get through $700,000 of work in progress.

“We hadn’t run out of work, we’d run out of cash. We’ve got a lot of work in the factory we’re trying to get out and we’re still taking orders.”

Davis added that “a lot of staff have been contacted by other printing houses” and would probably be able to find work if no sale was made.

[Opinion: Do forensic checks before extending credit]

Hyde Park filed for administration on 14 November, appointing Tim Clifton and Mark Hall from Clifton Hall.

A Clifton Hall spokesman told ProPrint that today was the last day for parties to make expressions of interest.

He said about a dozen expressions had been received: two were only interested in the digital business, while the others seemed to be considering whole-of-company deals.

Davis said: “We’ve had some strong interest. I’m surprised how many people have contacted [Clifton Hall]. There are some promising negotiations going on at the moment.”

Hyde Park’s debts and assets are still being calculated ahead of the first creditors meeting on 26 November, but creditors look likely to take a big haircut, said the spokesman.

“It’s not looking great in terms of a large dividend. If a dividend was to be paid, it would be small at best.”

[Related: Companies in distress]

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