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SEP Sprint runs out of time and money

Wednesday, 26 March 2008
By Print21

Award-winning Melbourne security printer slides into administration despite rock-solid stamp printing contracts.
Over 60 jobs lost as one of the industry’s most high-profile companies was placed in administration last week. Despite continuing to produce stamps for Australia Post right up to the end, the company ran out of money and was unable to pay wages.

Geoff Handberg of Rodger Reidy is handling the disposal of the assets. He reports that the business, which was in difficulties for a long time, has ceased trading and that the assets are for sale. Interested parties should contact him or Shane Cremin on (03) 95504111.

SEP Sprint is best known for its security printing of Australia Post stamps through iPrint and is a recognised world leader in lenticular (3D) printing. In one of its most high profile jobs it printed lenticular stamps for the Dutch Post Office.

The reasons behind the failure of the company are unclear with director and substantial investor, Chris Lawrence unable to comment after the appointment of the administrator. He said he is continuing to work on the best outcome for the employees and the creditors.

Under managing director, Mark Reid, the multi-award winning company gained a reputation for being a specialist printer, undertaking complex innovative work. It operated under Intergraf certification, one of the few local companies accredited to the strict international security standard. Apart from stamps it produced other financial instruments such as bonds, cheques and security seals.

Pictured in happier times, Mark Reid (left) and Chris Lawrence with the Agfa National Print Award that the company won twice in a row.

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