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Veritage Press calls in the administrators

Friday, 17 October 2003
By Print 21 Online Article

The award winning printing business, one of the few on the Central Coast north of Sydney, went into voluntary administration in an attempt to seek recapitalisation. Star Dean-Willcocks were appointed to seek expressions of interest in selling the business as a going concern.

“It’s unfortunate, but at the end of the day we live in a real world. Veritage developed a cashflow problem following the failure of one of its major debtors. A plate supplier threatened to cut us off, so there was no real alternative other than to try to recapitalise,” said Youngman.

More than 30 expressions of interest have been recorded and Youngman is confident the business will survive and be transferred as a going concern. He believes he will stay with the company for at least another year before retiring.

“Veritage is a quality business with a good reputation and good clients who have all been very supportive. It is an attractive business.”

Youngman came to prominence this year as a leading critic of the role of print management companies, whom he accused of playing the role of ‘carpetbaggers’ in the industry. (Archive search = Youngman)

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