Vega Press to close on Friday after 53 years

The going-concern deal would have given Granville-based Accent Print Solutions a foothold in Melbourne.

"It was a good fit for our business, so we were very sad we couldn't make it work," said Accent's Brenda Esterhazy.

Receivers KPMG were able to make a partial sale, with multi-state business Print Media Group acquiring "the goodwill and other selected assets", including Vega's business name.

KPMG partner Damian Templeton told ProPrint that the deal would allow Print Media Group to pick up future orders from Vega customers once all work in progress had been completed.

[Opinion: Do forensic checks before extending credit]

PMG director Leo Moio could not be reached for comment.

Vega collapsed on 20 February after accumulating more than $6.7 million of debt. Templeton told ProPrint at the time that it would try to quickly sell the business as a going concern.

"There were multiple parties that were involved, but Print Media Group was the only one that provided an offer that was capable of being progressed," he said.

Templeton said KPMG was finalising an auction list of residual assets, including machinery.

Vega was established in 1960 by Phillip Gude. His son, Peter, joined the business in 1966 and became managing director in 1982. The firm relocated in 2002 from its original Blackburn premises to its current site in Notting Hill.

Peter Gude declined to comment.

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