WAGENER FORCED TO LIQUIDATE, SET TO RETURN 4 DECEMBER
Peter Wagener has had to put all his display print companies in liquidation, but has vowed he will be back next month, after paying all his suppliers in full.
To cap a drama-filled week, which Wagener described as "ridiculous" the liquidation itself is now being challenged, and may be overturned, in which case the company will enact the Deed of Company Arrangement (DOCA) that it had in place ready to go last Friday, following the move into voluntary administration earlier this month.
Either way, Wagener says he will be back in business on 4 December, after receiving overwhelming support from customers and suppliers. If the company is liquidated Wagener will buy back the assets, and start again, if it gets to DOCA he will follow that schedule. Wagener will discover later today which it is to be.
The well-known trade businesses, All Flags Signs and Banners, All Signs, Euro Poles, and Pennant House, were intially placed into voluntary administration, but the sudden termination last night of the commercial lease on its premises forced the liquidation.
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. 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.
However, it is not the end of the story for the national supplier, Wagener said, “We are restarting in early December, and will be ensuring all our suppliers will be paid in full. We are very conscious to make sure everything is legal, ethical and above board.”
The business has located new premises in Perth to operate from, and has raised the funds to go forward. Wagener said, "The support from customers, suppliers and staff has been tremendous."
The move into voluntary administration was aimed at restructuring in the businesses. Wagener commented, “Our management team was actively pursuing solutions to secure the future of all companies, However, we received notification that the landlord of our commercial lease has terminated the agreement, leaving us with no choice but to take this regrettable step.
“The termination of our commercial lease has come as a severe blow, and it is with a heavy heart that we were forced into the difficult decision to move from voluntary administration to liquidation.
“Despite this setback, I want to assure our loyal customers, and the Australian events and sports industry whom we have served for three decades, that we have re-grouped.
“Thanks to our loyal staff and customers we are in a position now to state we are restarting in early December.”
The businesses grew from a humble start as a three-person operation 30 years ago to become one the country’s premier suppliers of display graphics solutions, despite its remote location, bringing a host of innovative cost effective products and services to the Australian print industry, including ironically the Vario Dispenser portable hand sanitising system for the fight against Covid, which came in in the form of a textile graphic printed at 2440dpi over an aluminium frame with the dispenser in the middle.
The businesses had a significant in-house printing operation, including several grand format print systems, with a team of approaching 100 staff operating from its Maddington premises.
Wagener himself was a board member of print industry suppliers association Visual Connections, and a well-known supporter of industry trade shows.
Looking ahead, Wagener said, “We are committed to the industry, supporting it fully and working to develop new products in the years ahead. Our staff are excited to be able to continue to serve our clients into the future.”
