Forme supplier Hygrade sinks

Some 50 staff are set to lose their jobs as forme supplier Hygrade Group enters voluntary administration.

The 60-year old operation was one of the Australia’s leading forme suppliers, with locations in Sydney and Melbourne, as well as one on New Zealand.

David Raj Vasudevan and Andrew Reginald Yeo from Pitcher Partners are handling the administration. Vasudevan says, “As the joint administrators, we have assumed control of Hygrade Group, Hygrade Management and Software, and Hygrade Cutting Formes. The affairs of all three are intermingled and intertwined.

“Effectively, the companies had to cease trading. We have invited offers from interested parties to submit bids for the assets. We will then enter an investigation stage, where we will look into the affairs of the company, and how the directors had handled the business.”

Over the last 18 years, Hygrade has established an additional manufacturing plant in Melbourne, two manufacturing plants in Sydney and one in Wellington, New Zealand.

Closure came as the company submitted for document 505, a notification of appointment of administrator, and a week later had lodged for a Declaration of Relevant Relationships and/or Indemnity Copy.

Australian Printer reached out to Rudi Jansen, the group CEO, but was unable to get comment prior to publication.

There is likely to be substantial interest in its assets, as the company had recently invested strongly, purchasing technology including: seven lasers, three counter cutters, computerised rule benders and processors, half a dozen axis engraving machines, CNC Water Jet cutting machine and its latest acquisitions, a 2.5 kilowatt laser and a CNC router.

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