Iconic 150-year-old Victorian business Sands Print has lost its balltle for survival, after sales negotiations between administrators from Lawler Draper Dillon and two perspective buyers - Docklands Press and Finsbury Green - fell through.
Melbourne book printer BPA Print Group has bought the Sands' customer list and brand name, with retail services business TIC Group buying the company's pick and pack business.
Sands Print is now expected to be officially liquidated on June 18, the date of the second creditors meeting. Plant and equipment will be auctioned on June 14.
Australian Printer was told that at this stage in the assets sale and liquidation of the collapsed company that it is 'unlikely' unsecured creditors will receive any money. Paper merchants will top the list of those taking a hit, but plenty of trade suppliers will also lose out.
The 80 workers at Sands have lost their jobs, although it is expected around 10 Sands employees will make the move to BPA and TIC with the rest to be made redundant. Administrators said the asset value of Sands will be sufficient to cover employee holiday pay and notice entitlements, however long service payments will fall on to the Government’s GEERS scheme.
Mannie Stub, managing director of Sands Print could not be reached for comment at the time of writing.