Perth based Picton Press has entered voluntary administration, owing $1.3m to the ATO and an estimated further $700,000 to $800,000 to trade creditors. The ATO sought a winding up order against the business.
Company directors of the 27 year old outfit, which is the fourth biggest printer in WA, are Dennis Hague and Gary Kennedy, with general manager well known print identity Graham Jamieson, who is also the WA representative on the PIAA board. Jamieson offered ProPrint a ‘no comment’ when asked about the move into administration.
Picton Press has Coles, Woolworths and Dominoes Pizza among its extensive client list. Just five years ago it installed its biggest ever press, a KBA Rapida ten-colour B1 perfector.
Jeremy Nipps, one of the administrators from Cor Cordis handling Picton says, “It is still early days, we are still figuring out how the company ended up in this predicament. There are historical issues. From a business perspective, it is still able to be trading, so it will retain value. We are looking at taking the business to market. The directors are also keen to restructure, to allow it to keep going.
“There was a winding up petition by the ATO. From the trader’s perspective, they were ok, supplying and paying their bills on time. However there has been a downturn in the economy and changes in technology, and that among other factors may have impacted their ability to generate revenue.
“We spoke to two of their key suppliers and we have their support. All employees are on board, although it is a lot to take in. All they can do is continue training to retain value in the business. There are around 29 staff.
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“We will review it all and begin advertising the sale of the business and let the administration run through, to see how best to take action.
“If the company is sold, the directors will still be involved. Whoever buys the business may not want them, but from our perspective we want to have everyone transition over.
“We will be having a creditor’s meeting next week. We will update the creditors on what is happening over the next few days.”
The company, which has been running since 1991 has received many industry accolades, with it being the first printer in its state to be awarded with a Benjamin Franklin award in 1997 for best in category. It specialises in pamphlets and catalogues.
Among its equipment are the KBA Rapida 106 ten-colour B1 press and Kodak Nexpresses, along an A1 MBO B30 folder, A2 G&K folder, Wohlenburg guillotine, Polar guillotine and Hohner saddle stitcher.
In 2001, Picton mergerd with Alken Colour Media, a business running for more than 30 years in prepress, and bought Muhlings Printers in 2000.
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