Protectaprint “business as usual” despite wind-up order

A special resolution has been passed to voluntarily wind-up Melbourne-based trade print finisher, Protectaprint, but liquidators say it is trading “business as usual” as the hunt continues for interested parties to buy the business or its assets.

The business, Protectaprint Melbourne Pty Ltd, belongs to brothers Richard and Steven Wilkinson, who purchased the Victorian branch of AllKotes in 2017 and rebranded it under the name they had traded as in Adelaide prior to selling to Opus Group’s McPhersons in 2015.

When the Wilkinsons sold up they were heading into retirement but after 18 months decided to purchase the Allkotes operation in Victoria as Allkotes opted to concentrate its focus in NSW.

It seems the decision to get back into the game hasn’t panned out as well as expected with Protectaprint facing financial difficulties last year before being put into liquidation in late 2019 with a special resolution now made to voluntarily wind it up.

“Notice is given that, on the resolution date set out below, the company is taken, because of paragraph 446A(1)(a) to have passed a special resolution under s491 that the Company be wound up voluntarily,” the notice posted on January 13, 2020 on the ASIC website reads.

The business is now in the hands of Barry Wight of Cor Cordis, who confirmed to Sprinter that the business is continuing to trade as usual at present.

“It is business as usual for Protectaprint Melbourne, as trading operations continue under the liquidators’ authority at present,” Wight said.

“In conjunction with the liquidators overseeing ongoing trading operations, we are continuing to explore whether there are any parties interested in acquiring the company’s business and / or assets.

“We thank the ongoing support of both customers and suppliers to date. We encourage customers to continue placing their orders in support of the business at this time.

“Further updates regarding the sale of the company’s business and / or assets will be provided to creditors in due course.”

Protectaprint leases a property at Braeside in Victoria and operates in the laminating and UV screen printing space. It owns a number of pieces of specialised printing equipment including laminating, UV screen printing, spot UV and UV coating equipment.

An expression of interest tender posted by liquidators late last year indicates the business had an average turnover over the last two financials years of $1.7m.

While Protectaprint Melbourne Pty Ltd is the business name facing the wind-up resolution, another business name, Protectaprint Victoria Pty Ltd, was registered with ASIC in March 2019 and remains an active registration.

At the time of starting Protectaprint following the purchase of Allkotes Victoria, Richard Wilkinson (pictured) said retirement wasn’t all it was cracked up to be with the brothers missing the industry.

“We see the potential of this Allkotes business in Victoria, and it is our intention to grow the business,” Richard Wilkinson said at the time.

“Allkotes has extensive equipment in all areas, foiling, embossing, Spot UV, UV coating. There is a lot of finishing equipment and we plan on adding to it.”

Sprinter contacted Richard Wilkinson of Protectaprint but had not heard back prior to publication.

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