L-R: Andrew Blundell and Simon Cathro, Cathro & Partners
The administrators for the $21 million Starleaton business have requested “urgent expressions of interest” ahead of the creditors’ meeting next week.
In an advertisement published to sell the business, Andrew Blundell said he is “seeking urgent expressions of interest in a business/asset sale or recapitalisation via a Deed of Company Arrangement of Starleaton”.
“Since 1978, Starleaton has grown from a small family business into a premier graphic media supplier of software, capital equipment, consumables and technical support for the printing and advanced manufacturing industry in Australia,” Blundell said.
“The business offers the following highlights: physical presence in NSW, QLD, VIC, WA and NZ; approximately 15 full time employees; average annual turnover of $21 million; assets including plant & equipment including converting machines, stock, motor vehicles, forklifts, website, select IP and office equipment.”
In an additional statement, Blundell said: “This is a great opportunity for a 40+ year old well-regarded business.”
Earlier this week, Blundell told Sprinter he would be open to offers prior to the first creditors’ meeting on 31 January
Blundell also confirmed that companies totalling in double-digits have lined up to buy the business, but no formal offer had been received.
Blundell was appointed as joint administrator with Simon Cathro to the Starleaton business when it entered administration on Friday 19 January
After the business went into administration, Starleaton CEO Ben Eaton stepped down from his role as vice-president of industry association Visual Connections.
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