One of Melbourne’s most renowned printers Vega Press is today in receivership, with KPMG now seeking a buyer for the 53-year-old business.
The receiver is aiming to keep $18m-a-year Vega operating until a buyer is found, however with the current perilous position of Geon causing chaos in the market Vega’s position is difficult.
If no buyer is found Vega will be the biggest print collapse in Melbourne since the ill-fated Diamond Press a decade ago, apart from Geon of course which is 20 times bigger,
Vega has some 70 staff operating under the leadership of Peter Gude, son of the founder Phillip Gude. The company has been looking to ease its position for some time, it was in talks with Opus business McPherson’s last year, but these collapsed.
Peter Gude is unavailable for comment, but industry sources told Australian Printer that Vega was a well run business that ran out of steam. Vega was known as one of the country’s most environmentally progressive printers.
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