The announcement comes after sale negotiations, which looked likely to see Print National as the new owners of Pettaras, broke down after several weeks of deliberation.

Peter Block, director of PPB says, “We were unable to finalise the terms of contract with the potential buyer so we are now looking at value maximisation.”

He continues, “We have received interest from a number of parties for the company’s intellectual property, plants and equipment.”

Block also said the business would cease trading this month with all staff regrettably being made redundant. Pettaras currently employs more than 70 staff.

Earlier this year 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).

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.

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