Pettaras creditor Westpac appointed chartered accountants PPB as receivers who have told Australian Printer that the company – which was still turning a small profit up until the receivers were called in – has generated interest from a number of prospective buyers.
Christopher Hill, receiver manager at PPB says, “We don’t want to trade the company on forever, we will be looking to sell in the short to medium term subject to a thorough sales process. If we are unable to sell the business as a going concern we will have to take another course.”
Hill remains confident of selling the business in one piece saying, “It’s a business renowned for the quality of its work, its committed staff and customer service.”
Late last month Pettaras Press sent shockwaves through the print industry as it entered administration. Owner Steve Pettaras was unavailable for comment, with the company filing for administration with the Australian Securities and Investment Commission (ASIC). Administrators are Rod Sutherland and Suile Arnautovic from Jirsh Sutherland.
Only last year Pettaras moved into new purpose built 11,000sqm premises in Padstow complete with gym and games room, and invested in a new ten-colour perfector, to join its five- and six-colour presses. It bought an HP Indigo 18 months ago as its first foray into digital, subsequently winning the NSW digital printer of the year award.
Pettaras has been at the forefront of the Sydney print industry for many years, is a regular Gold Award winner at the national print awards, taking out three golds last year. The company was founded in 1989 with Steve Pettaras buying a 20 year old two colour Roland and building it up from there, to the point where it currently employs 80 staff.
Last month was one of the worst yet for companies reaching the end of the line, including Paragon Printing in Wodonga at the top of the list with 145 jobs gone and questions over staff entitlements and other issues.
Last month’s carnage is unlikely to be the end of the story as rumours continue to surround other well known printers.
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