Perfectly Bound has bought most of the production equipment from collapsed TLC Print Finishing, and plans to open a business in the same building.

MIchael Smith, managing director at Perfectly Bound says, "I've bought all the major kit and hope to have all the smaller equipment by the end of the week. I'm in negotiation with the landlord over the building lease."

Smith has bought two Steinemann UV lines, one Blilhoefer laminator and one Sakurai screen printing machine. He is still negotiating to buy two more Sakurais and one Billhoefer and the smaller kit. It is all currently scheduled to go to auction at 11am on-site on November 10 through Hymans.

Print Bound is making its move to diversify from its binding base. Smith says, "The equipment gives us entry into celloglazing and UV."

It is believed the ANZ bank owned most of the major kit which Smith has now bought, while a factoring company owns the rest.

TLC fell over in August, with owner Samantha Rodgers claiming it was torpedoed by the collapse of Focus Press, which she says owed it $175,000.

Michael Smith, owner of nearby trade house Perfectly Bound, stepped forward a few weeks later in an attempt to throw a lifebouy to the business. Rodgers had been trying to sell TLC for at least 12 months, with most of her rivals coming through for a look but no offers were made.

Comment below to have your say on this story.

If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.  

Sign up to the Sprinter newsletter