Administrators give deadline of today for potential bids for Sands Print

Sands Print Group may have a new owner tomorrow after potential buyers were given a deadline of close of business today to finalise their offers.

Further delays aren't in the company's interest, according to Petr Vrsecky, a partner with Lawler Draper Dillon, which is handling the administration.

"Clearly we can't be sitting on our hands trading, increasing losses, while people are thinking about whether they may or may not [lodge a bid]," he said.

Administrator Stirling Horne told ProPrint last month seven "hard offers" were received after the Melbourne printer entered administration on 4 April. Vrsecky said there were now two front-runners. ProPrint understands both come from Melbourne.

There was a chance of Sands Print being liquidated at the second creditors' meeting on 18 May, but the meeting was adjourned until no later than 18 June.

Administrator Stirling Horne predicted last week the meeting would be adjourned and the company liquidated at a later date.

A Sands Print employee told ProPrint the company's printing work had largely dried up since it entered administration and that it was now doing little more than pick and pack.

Vrsecky stressed that Sands Print had been accepting all work and fulfilling all orders.

Sands Print managing director Mannie Stub could not be reached for comment.