Up for auction: Shergill has moved out of Focus’ South Strathfield site
The equipment from the fallen Focus Press will be up for grabs via online auction in August or late July, with an ever-changing number of receivers keeping Mark Shergill from calling first dibs on machines to roll into his new-look Focus empire. While Focus buyer Shergill had originally planned to pick up much of the Focus kit as part of his buyout, he says the deal fell through after the situation became ‘too messy’. He says he was having to renegotiate every time a new company was appointed but never reaching an agreement – meaning he will have to fight for the presses he wants alongside other bidders. The assets, including a long list of equipment and the Matraville and Strathfield South plants, will be auctioned off to help pay more than $27.3m in debt. It is believed David Fuller’s home has already been auctioned off. Thomas Industries, an American auction house, will divvy up the equipment online in a global weeklong sale, set to end by August 12-14. The auctions may begin as early as the end of this month, as receivers push for a quick resolution to wrap up the liquidation.
Shut up shop: South Strathfield
The kit includes a 2007 Komori Lithrone S40P 10-colour press, 2005 Heidelberg Speedmaster 102 10-colour press, 2009 Komori S29 five-colour press, and the damaged KBA Rapida 105 12-colour press that is the subject of a $12.9m insurance claim. Missing is a Heidelberg XL75 10-colour press from the Matraville plant, two SG350 saddle stitchers and a Polar 135 finishing set that will be retained by Heidelberg Print Finance for a separate sale, according to Thomas Industries. Australian auctioneer GraysOnline will handle the sale of smaller assets such as office equipment and minor printing gear, and provide local logistical support with Thomas Industries. The Matraville and Strathfield South plants will be sold by CBRE at an undetermined future date. Four sets of liquidators and receiver managers are now in recovery mode for various banks and stakeholder parties, with Worrells Solvency and Forensic Accountants acting as the original liquidators for the Sydney and Canberra operations, alongside Holzman & Associates for Wollongong. The Commonwealth Bank has appointed Cor Cordis as receiver managers to chase its $2.1m, superseded by the NAB’s appointment of McGrath Nichols to recover a cool $4.5m. The other more than 200 creditors will have to wait for the scraps once the banks claim their due. The former Focus Strathfield South plant is now deserted, with production moved to other parts of Shergill’s business while liquidators work to sell off the assets. Shergill says he is accommodating the extra production by utilising under capacity at his other sites, and moving consumables storage into shipping containers on the nearby Sydney Print Warehouse grounds to clear space for new kit. Some 18 former Focus staff are now employed as part of Shergill’s new Focus Print Group, mostly as casuals, with two sent to BPA Print in Melbourne, one to Queensland and more to be hired as the business ramps up.
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