Vega receivers to drive urgent sales process for stricken printer

Damian Templeton and Darren Lewis from KPMG were appointed receivers on 20 February after being called in by secured creditor National Australia Bank.

It was still early in the process when ProPrint spoke to Templeton; he said a sales timetable was still being finalised, but that KPMG had already been contacted by interested parties.

"It's business as usual. We have a lot of work to do to understand the position. We will be looking to sell the business as a going concern. We will be looking to start a sales process fairly quickly," he said.

"From what I understand, Vega is a longstanding, well-known business in the industry. We're told it's got a good reputation, good customer relationships and is known for its reliability. That and the fact that people have been calling us are all positive signs."

Templeton said it was too early to comment on why Vega failed or how much money creditors could expect to receive. However, he did confirm that Vega's debts exceed $1 million.

No redundancies have been made at the 70-person firm. Templeton said KPMG would wait to get a better understanding of the business before deciding on staffing levels.

[Related: More news about companies in distress]


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