The business and some assets of stricken Sydney laminating company TLC Print Finishing has been bought by nearby trade binder Perfectly Bound.
TLC had been on the market for almost six months and says it was done in by the collapse of major client Focus Press in April, leaving it more than $175,000 out of pocket.
With losses mounting, TLC ceased trading last month and was locked out of its Silverwater facility by landlord Goodman Australia when it could not pay the rent.
The company subsequently entered voluntary administration through Cor Cordis on September 2.
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The buyout by Perfectly Bound means trade creditors may get some of their money back and employees will soon be able to get their entitlements from a Fair Entitlement Guarantee claim.
Director Samantha Rogers told ProPrint last month she had been struggling to sell the business and chances of a sale were bleak after a promising deal fell through in June, but it seems a buyer has come to the rescue at the last minute.
Perfectly Bound owner Michael Smith confirmed he had bought the business, but didn’t want to comment further.
The Rydalmere-based trade binder has operated for more than 25 years and provides binding, stitching, folding, scoring, trimming and drilling services to printers in the Sydney area.
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