The Melbourne print community is in fractious mood over the liquidation and sale of major print buyer Waivestar which went broke last week, and was subsequently bought by various people associated with Mercedes Waratah.
Waivestar is rumoured to owe a lot of money to a lot of printers, although the first creditors meeting has yet to be held. It was founded in 2000 and owned by Laurie Clark, former owner of Superior Press which also went broke owing significant amounts of money, and by former Telstra businesswoman of the year finalist Michelle Powell.
One of the businesses that Waivestar was in debt to is Complete Colour, with owner Tim Michaelides telling ProPrint he is not happy with the sale of Waivestar.
“I am not comfortable with the whole set up there. We will see how things pan out as they have not had a creditors meeting yet,” he says.
Michaelides confirms Waivestar does owe the company money for previous jobs, he says, “It is not a six-figure sum but it is a substantial amount of money.”
[Related: Waivestar goes into liquidation]
Waivestar went into liquidation last week and was quickly bought by investors associated with Mercedes Waratah Group, which it is rumoured it also owes money to. Abbey Aboughattas confirmed he was among the buyers.
Neither Clark nor Powell from Waivestar or Moody Aboughattas was available to comment on the situation.
The notification of Waivestar’s liquidation was posted on March 8 saying, ‘Notice is given that at a general meeting of the members of the Company held on 07 March 2017, it was resolved that the Company be wound up and that Matthew Terence Gollant and Neil Stewart Mclean be appointed liquidators.’
Complete Colour has been running for 25 years.