Sumo asset sales net $800,000

The sale of equipment from liquidated retail printer Sumo Visual has raised $800,000, though it will be no help to trade creditors owed $2.5m.

The Melbourne wide format firm, which collapsed in October with debts of $12.6m, owes more than $6.7m in secured loans from private equity investors, and with a sale of the business abandoned trade creditors will not get a cent.

The 275 items ranging from wide format printers to trucks and office equipment was auctioned off last week by Dominion Group in a live auction.

Kit going cheap included a 2011 Durst RH0800HS, 2011 Vutek GS3200, 2009 Durst RH0800, 2007 Durst RH035IR, 2011 Seiko H-7/4-S, and 2009 Mutoh VJ-1618A wide format printers, and 2008 Seal/Neschen UV80 and 2009 Seal 80 Pro laminators, plus late-model cutters, plotters, and guillotines.

[Related: Sumo trading while insolvent]

OCA Group chief executive Naresh Gulati says he picked up the 2011 Vutek GS3200 wide format printer to add to his brand new Vutek GS3250LX Pro, along with a Fotoba XL 320 cutter.

He says work at his Print Bound subsidiary has ‘never been this busy’ and needed another printer to keep up with demand.

“We have doubled our capacity and gone from one shift to two in recent months, and this will build in redundant capacity we can use in busy periods,” he says.

“Since our recent expansion to wide format we have started offering these services to our commercial clients and it is starting to pay off.”

Dominion’s Brendan Ryan says the auctioneer is pleased with the $800,000 figure considering it was an insolvency sale and some pieces went for close to market value.

One of Australia’s biggest retail printers, Sumo went into administration on October 28. Administrators last week wrote a damning report to creditors saying it was likely to have been insolvent since July and amassed debts of $2.5m during that time.

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