Troubled sheetfed business Sydney Allen is today in the midst of a storm as various parties stake their claim for control of what was a $14m business.
The company was placed into administration on Thursday, with Hall Chadwick then having the receivers BCR Advisory called in.
However trade sources suggest owner John Mangos obtained a court injunction late on Friday to stop the receivers from exercising any power.
Today business consultancy Iconic Advisory – which says it rescues distressed businesses – claims to have sold Sydney Allen, and says contracts are being drawn up this afternoon, although who they are acting on behalf of was unclear, and it is not saying who the purchaser is.
Mangos and fellow director Chris Wallace have been uncontactable since Thursday.
Creditors have not yet been advised of any actions by the administrators.
Staff, who number around 50, are completely in the dark about developments, they first they knew of anything was when they received the ProPrint newsflash at work on Friday afternoon reporting on the administration. ProPrint fielded calls from staff at the Sydney Allen factory checking the story was true.
Former Sydney print business owner Bob MacMillan – who provided financial backing to Mangos and Wallace in June last year – says he knows nothing.
Rumours suggest that Sydney Allen staff have had contact with several rival print businesses in the past week. It is only likely to be the customer list and sales staff that have any value, the equipment at the company is believed to have seen many summers.
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