Bond Imaging into administration
Port Melbourne photographic and digital printer Printed Media – trading as Bond Imaging – has called in administrators as it seeks a new owner for the business.
“It’s a shortage of cash flow in a very tight market,” says one of the part-owners of the company, who declined to be identified.
“Printed Media bought the brand in 2015 and paid too much for it so we’re looking for a new owner. Bond Imaging is a fairly strong brand in the industry and we want it to live on. I’ll be staying on with the brand but will go back to being an employee, which will be a relief.”
Bond Imaging, established in 1970 and now a photographic and digital imaging business, last year moved to bigger premises at 3 Gateway Court in Port Melbourne after being based in Richmond for almost 37 years.
“The relocation added a lot of pressure and we were trying to get control of the overheads but they were too great to overcome. The brand will live on but the company will not.”
A potential buyer is ready to step in, he says.
Administrators from Cor Cordis Chartered Accountants – appointed 2 March – have called the first creditors’ meeting next Wednesday 15 March at 10.30am, 360 Collins Street in Melbourne.