Posts Tagged ‘Octopus’

  • Octopus has no solutions for $1.6 million debt

    Prominent Sydney print broker, Octopus Solutions, has failed with $1.6 million of debt owing to some of the Australia’s largest print players, including SOS Print & Media, Offset Alpine Printing and Blue Star Print Group.

    The company’s liquidator, Adam Shepard of Dean-Willcocks Shepard has indicated that its 33 creditors would not receive any of the money owed to them, as it technically had no assets.

    The Warriewood-based print broker was closed down on May 10 owing $334,000 to Offset Alpine Printing, $184,000 to SOS Print & Media Group, $146,000 to Blue Star Print Group, $93,000 to Focus Press, $62,574 to IntoPrint and $56,000 to Southern Colour NSW.

    According to Shepard, the business’s owner and director, Michael O’Hara (pictured) said that it had been highly leveraged and all attempts to inject capital into the business prior to it failing was sourced from his own personal assets, and had failed because of the loss of major contracts.

    Founded in 2002, Octopus Solutions specialised in online project management, print management, warehouse and logistics. Including O’Hara, who is understood to be now working as the new business development for GEON, the company had only three staff members.