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Printers go into Administration

21 Apr 2010

Sydney company Chippendale Printing has entered voluntary administration, just over a week after it claimed to be merging with Beaver Press, now also in administration.


Peter Allen, Quentin Olde and Matt Adams of Taylor Woodings have been appointed as administrators for the company, which entered voluntary administration this week.


As reported in ProPrint, the administrator Quentin Olde said, "Over the coming days, we will investigate Chippendale's financial affairs. Following this, we will be in a position to determine the best way forward for the company."


"We will work with the management to determine the best outcome for all stakeholders," he added.


Chippendale managing director Fred Van Steel told ProPrint on Thursday 8 April the company was not in any financial trouble, despite persistent rumours claiming it was struggling.


"Quite the contrary, Chippendale has had very strong support from [private equity owners] Helmsman, who are continuing to provide strong financial support," he said.


On 8 April, both Van Steel and Beaver general manager David Francis told ProPrint they had reached a 'heads of agreement' over a merger of the companies, though this is now in doubt with both companies now in the hands of administrators.


According to its website, Chippendale employed "200-plus" staff.

 

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