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Supply One founder signs off

Monday, 29 August 2011
By Print21

Busted buyout deal sends industry supplier into voluntary liquidation after 29 years. $1.2 million in stock to be auctioned.

The failure sees 26 staff lose their jobs across Supply One’s NSW and Queensland branches. According to David Worth, BDM for Mactac ANZ, the company is taking urgent steps to find a solution for customers’ supply needs.

“Supply One was our only supplier of coloured film in the Australian market, without them we have to find alternates. In the interim we are working with existing supply partners to provide computer cut rolls and digital printing products from Sydney in the coming days.

“We apologise for any delays and inconvenience caused and ask our loyal customers to please bear with us whilst we implement a suitable solution.

MACtac found out about the liquidation on Friday, and has been on damage control ever since. It is currently working to find a new distribution channel to maintain supply to those customers affected.
Liquidation specialists, Worrells will be auctioning off around $1.2 million in stock, all plant equipment and assets of Supply One in the next few weeks.

“IMAGin digital print films and Permacolour laminating products will continue to be available for shipping from our current distribution network with minimal disruption. For MACmark coloured films there will be limited access to stock in cut size rolls but most full rolls will be able for prompt delivery,” he says.

From start of business this morning Worth has taken well over 200 calls regarding the closure, and around 100 went through the company’s 1800 number to New Zealand.

Gary Reynolds, owner of Supply One says a deal to acquire the business fell through at the last minute. “When that happened I couldn’t see any way forward and went into voluntary liquidation. I have been on the market for the last six months, trying to sell.

“I could keep up with the demand from customers, and unfortunately when you run out of product people go elsewhere, and it’s hard to get them back,” he says.

In a letter to the industry Reynolds writes:

I would like top sincerely thank you all for the support given over the last 29 years, and to leave with pride and appreciation to the people that allow me to be part of their lives. Suppliers, customers and even opposition that I have had, I thank you all.

I apologize if we have let you down in any way, and let you know that this was never my intention. Sometimes beyond my control, but the buck stops with me, and again my sincere appreciation and apologies.

They say that everything that you do comes to an end in some shape and form, down to the most unimaginable situation of closing the doors, and telling your hard-working loyal staff, there is no more work, and they need to find a new job.

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