CBD Printing has been saved by CEO Richard Cook, who has acquired the four centres that went into administration last week from Snap Franchising.
Richard Cook was appointed CEO of CBD Printing in February replacing Michael Palmer who stepped down. Cook told Australian Printer, “CBD went into administration and I acquired the franchise from Snap. I expect to grow and increase sales of the four centres. I will try and consolidate the business and put it back on the front foot. I will then consider expanding the business and investing in new equipment and machines.”
CBD Printing is the parent of Sydney based Snap Pyrmont, Snap O’Connell St, Snap Martin Place and Snap Docklands in Melbourne which Cook has now taken under his arm.
CBD Printing went into administration on September 12 following partnership disputes and problems repaying debt, Cook says, “The most important thing is jobs have not been lost, we must however get back on the right track and grow the businesses working together as a team.”
The networks top earner is Snap O’Connell St, which generated a sales growth of 14.7 per cent in the last financial year, the company turns around $10m and has over 40 staff across its four sites.
Snap Franchising worked quickly to bring the country’s largest Snap franchise group out of administration, taking only a week to find a replacement.
Andrew Tribute
