Industry shock as Momentum hits the skids

The industry is shaking its head in disbelief today as one of the shining lights of Australian print, multi-award winning Momentum, has entered administration.

[Follow up: Momentum's software, IP, clients bought by Rawson Graphics]

According to the administrator the company is unable to meet its debt obligations, forcing the move into an uncertain outcome ahead of a creditors meeting scheduled for February 10.

Administrator Alan Hayes from Arthur Hayes says it is too early to determine outcomes for the business, however administration usually presages a sell-off of assets to pay creditors.

Hayes is currently at Momentum’s head office in Crows Nest, Sydney, working through a plan, which will likely involve assessing the assets of the business, and offering a deal to creditors.

David Minnett’s Momentum Group has been at the leading edge of digital printing for the past 15 years.

Minnett is also credited with being one of the first Australian printers to transform his business from printer to marketing services provider, with a range of added value services such as design, photography, art direction also provided.

The company has been a committed HP Indigo user since its early days, buying its first in 1998, and three years ago installed the first Indigo 7500 in the country with the intent of targeting the offset market. Minnett is a well-known figure in the HP Indigo user group D Scoop.

[Related: Digital]

David Minnett himself was unavailable for comment at time of writing. He has been running the company since 1992, when he took over what was then a typesetting and artwork business called Photo Headlines from his father, transforming it into what many considered was the archetypal new printing business.

More to come.

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