Potential buyers circle Sands Print Group

The administrator for Sands Print Group has addressed concerns over unpaid super as he revealed more than 20 expressions of interest from potential buyers.

Chartered accountancy firm Lawler Draper Dillon has received 22 expressions of interest since Sands Print filed for voluntary administration on 4 April 2012.

Administrator Stirling Horne told ProPrint: "It is good response… there might be some tyre kickers, but there is some very good, positive interest."

The firm has been running a campaign in The Age and The Australian Financial Review with the final advertisement in today's AFR.

According to the advertisement, 150-year-old Sands Print Group had a turnover of more than $15 million and a "blue-chip client base".

"Urgent offers" are sought by 20 April.

Horne also moved to reassure staff after concerns due to unpaid super.

"There were two quarters of superannuation not paid at the date of my appointment. I have told staff it will be caught up and paid by the end of the month we are in – April. It’ll happen; cash flow has been good."

He conceded employees had been worried about the unpaid super and said there had been a possibility of union involvement. "There might have been a little bit of talk about stopping work."

However, Horne said union issues had now been smoothed out, though ProPrint could not reach the Australian Manufacturing Workers Union to confirm this. 

Horne said the administration had "gone fairly smoothly" and that "the staff are all supported and so are the suppliers and the customers".

But he admitted: "It is tough. The employees are concerned and management and myself are trying to keep them up to speed with news as it happens. It is a worry for staff."

More details should become clear following creditors meetings this week.

Sands Print managing director Mannie Stub did not return ProPrint's calls.