ALL FLAGS BACK FROM BRINK

Peter Wagener’s display graphics businesses, which were ‘on the brink of extinction’ are back up and running, having been bought out of administration and liquidation by a new owner.

Wagener is now general manager of the businesses he developed over a 30 year period to become one of the country’s biggest suppliers of display graphics solutions, from his WA base.

His sons Jesse and Daniel – also employed by the business – now own 25 per cent of the company, with an entity called Silverview Holdings owning the majority 75 per cent stake. Silverview Holdiings also owns 100 per cent of Silverview Assets.

Unsecured creditors of the previous entity are unlikely to see much if any of their money, as it owed more than $4m to the ATO alone, and had other secured creditors.

All the All Flags companies will now come under the umbrella of All Flags and Signs Pty Ltd, ABN 45 673 507 705.

Wagener said, “I am delighted to announce that we have successfully secured a new owner, marking a pivotal moment in our journey.

“Through the collective efforts of our dedicated team and the support of our stakeholders, we have navigated the challenges that led us to the brink of extinction. Today, I am thrilled to inform you that All Flags Signs & Banners is no longer under external administration or in liquidation, and is back in full swing, ready to continue providing exceptional print solutions, as it has been for the past 30 years.”

The well-known trade businesses, All Flags Signs and Banners, All Signs, Euro Poles, and Pennant House, were initially placed into voluntary administration at the end of September, but the sudden termination of the commercial lease on its premises at the end of November forced the liquidation. At one point all the equipment was listed for sale on Grays Online.

In a drama-filled couple of weeks in early December, which Wagener described as "ridiculous" the liquidation itself was challenged. At one time the company had a Deed of Company Arrangement (DOCA) that it had in place ready to go, following the move into voluntary administration.

The troubles for the operation began when its national supply businesses struggled in WA’s harsh Covid lockdown measures, which saw the state cut off from the rest of the country. According to Wagener the situation was exacerbated by a company employee at that time failing to lodge returns with the ATO, to the tune of $2m, and then the ATO penalising the companies a further $2.4m for the non-lodgement.

Thanking his clients, Wagener said, “This achievement would not have been possible without the unwavering loyalty and support we have received from our valued customers, stakeholders and industry partners. Your trust has been our driving force and we are committed to delivering on our promises with renewed vigour and dedication.

“As we embark on this new chapter, I want to express my sincere gratitude for standing by us during the recent uncertainties. Your support has been instrumental in shaping the future of our company and we are excited to continue serving you with the same level of excellence that you have come to expect from All Flags Signs & Banners.”

The businesses have a significant in-house printing operation, including a suite of grand format print systems, with a team of approaching 100 staff.

Wagener himself was a board member of print industry suppliers association Visual Connections until the administration, and a well-known supporter of industry trade shows.