Andrew Cester, CEO of Whirlwind, has hit back at the claims made in the story written by Andy McCourt, saying his statement on the liabilities of Lindsay Yates were taken out of context.
While the former directors of Lindsay Yates have denied that Whirlwind took on liabilities with the purchase of the business, Cester says the 'liabilities' comment referred to a business that was no longer making sales.
In his words, "We bought a business, did not retain the sales, but did retain a lot of the costs including staff liabilities.”
This led to the decision to sell the Heidelberg press, says Cester. Whirlwind took on all staff following the Lindsay Yates acquisition, significantly adding to its wage bill.
He has confirmed to Australian Printer that the Heidelberg was sold around December/January, but cited confidentiality on the sale price of the press.
“Lindsay Yates was losing money, sales were walking out the door and were no longer there to support the press. We sold the Heidelberg to support the losses of the business and maintain cash flow. In hindsight the acquisition was a very poor decision.”
Separate questions raised around his brother were responded to by Cester, who noted, "At the time Greg had not been working in the business for over four years and was swapped as a director for my sister Leanne who was working in the business."
Responding to questions surrounding the timing of press sales, and liquidators being appointed, Cester is clear in saying, "We are a large company. We get audited every year. People talking do not understand the circumstances, we have had advisers the whole way through. There is a liquidator in, they will review everything."
Comment below to have your say on this story.
If you have a news story or tip-off, get in touch at [email protected]
Sign up to the Sprinter newsletter