Mascot lifeline for Sydney Allen

Mascot Printers has rescued struggling print business, Sydney Allen by entering a Business License Agreement which will see Mascot take over its operations, until the business is either restructured or sold off. The agreement has been secured less than a week after the $14m turnover business was listed on the ASIC website as being in administration and may lead to Mascot purchasing the business. Mascot says it is business as usual with operations continuing from Sydney Allen’s premises in Rydalmere. Mascot managing director Joe Pizzo says ‘key staff and management’ will remain onboard including Sydney Allen director John Mangos.

Mascot Printing managing director Joe Pizzo

Mascot Printing managing director Joe Pizzo

However the fate of other Sydney Allen staff remains unknown, Mascot advisor Daniel Barrins told Australian Printer ‘no final decision has been made’ regarding staff and the issue would be addressed when a business restructure or sell off was complete. Barrins says Mascot agreed to take over Sydney Allen’s operations because it is looking to acquire the business. “We are an interested purchaser in Sydney Allen so it makes sense for us to have a look at the business, assist and potentially keep it running,” he says. “All the transactions are being processed through Mascot, and in that respect there is obviously an advantage to Mascot.” Mascot has assured the market the Business Licence Agreement will cause no interruption to supply. It says the takeover has the full support of Sydney Allen senior management and secured creditors after positive discussions were held yesterday. Mangos comments, “I am pleased to have the Mascot team on board and pleased to be getting Sydney Allen back on a sustainable footing. We want our customers to know that it is business as usual and we look forward to maintaining our strong working relationship with them.” Mascot Printing, based in Mascot, Sydney was founded in 1979 and has modern offset and digital printing facilities. Pizzo took over the helm in July 2000.

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