High profile Adelaide print shop Five Star Print has closed its doors and ceased operations after it was placed into voluntary administration.
Administrators Andrejs Janis Strazdins and Maris Andris Rudaks from Bri Ferrier have been appointed to the South Australian printer, which is listed as Toneblock Pty Ltd.
According to Rudaks, Five Star has been locked out of its Netley premises by the landlord and employees asked to leave.
All operations have now ceased; it is listed as permanently closed online; its website is no longer functioning; and its phone line is disconnected.
A meeting of creditors has been scheduled for Thursday June 2, and administrators told ProPrint the agenda of the meeting may be to strike a deal with creditors to allow Five Star to continue trading.
However, Rudaks says at this stage there has been no indication of such a proposal, and in the absence of a deal the company will then fall into liquidation.
Five Star Print is owned by Carolyn Cagney. In 2000, Cagney formed digital print company Printx, and then bought out offset printer Five Star Press in 2003 before merging the two companies into Five Star Print.
Cagney was often in conflict with established printers in Adelaide, and took a fair amount of criticism from the local trade – in part she claimed because she was a woman running a print business. She struck back thorugh a column in ProPrint two years ago which resonated throughout the industry.
Five Star had trouble with a digital press it bought a couple of years ago which the company says caused it millions of dollars in lost business and forced its division Graf-X into administration. Cagney blamed the press, the supplier countered claiming Five Star's operators were the problem. It is unclear whether the loss Cagney attributed to the printer helped push Five Star itself into administration.
Five Star, once one of the largest print companies in South Australia, employed a workforce of some 40 staff. It was a regular award winner.
Cagney had tried to go for niche markets as well as commercial offset, in addition to the ill fated digital venture she put in a Heidelberg 105XL six years ago to enter the local packaging market.
Adelaide's print markert is ferociously competitive in a local economy which has been struggling, missing out on both the mining boom of WA and Qld and the latter day property boom in NSW and VIC. Local business is hoping the new $50bn submarine contract will kickstart the economy, with printers likely to be the first to benefit.
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