Sequel Books & Stationery goes into liquidation owing $5 million
A major Brisbane stationery supplier, linked to 55 schools and which employed more than 50 people during peak season, has collapsed into liquidation owing more than $5 million.
QLD Business
Don't miss out on the headlines from QLD Business. Followed categories will be added to My News.
A major Queensland stationery supplier has collapsed into liquidation after nearly three decades in business owing more than $5m.
Sequel Books and Stationery was placed into liquidation on Monday owing $5m to creditors, including $2.3m to suppliers.
The company had been trading under its current name for nearly 30 years, but was started 102 years ago under Bakers Bookstore.
It has also been known as BCF (Barker, Conlan and Ferrett).
It carried the book and stationery lists for 55 Queensland schools and during peak periods employed 50 staff.
Sequel’s liquidation comes after the family-run business earlier this year struggled to deliver outstanding orders to parents for the start of the school year.
The company was inundated with more than 1700 customer emails and were forced to turn off comments of its Facebook page after advising customers that it could not give assurance that orders would be finalised in time for the start of Term 1.
The liquidation notice was issued on March 18, with Christopher Baskerville of Jirsch Sutherland appointed as liquidator.
It is understood that it was a creditor’s voluntary liquidation.
In a statement issued by Jirsch Sutherland, it is estimated that more than $5 million collectively is owed to creditors, including $2.3 million to suppliers.
Mr Baskerville continues to investigate to determine the number of creditors and amounts owed.
“We understand this is a difficult time for the directors, customers, and suppliers, and are now working closely with the directors of the business to achieve the best return for creditors,” Mr Baskerville said.
“Our focus is on working expeditiously to ensure an orderly winding up of the company.”
In a statement posted to their website, executive director Anna Henderson said the decision to liquidate the business was made with “profound regret”.
“The economic challenges proved insurmountable for our business, leading to the difficult conclusion of nearly three decades of operation.” the post read.
Ms Henderson also thanked the Sequel Books and Stationery team for their hard work and “unwavering commitment”.
“The challenges you have endured over the past few months have been huge and you have all faced them with such grace, I am in awe of you.” she said.
The 55 schools listed on Sequel Books & Stationery’s website:
All Saints Anglican School
Aspley State School
Aquinas College
Bellbird Park State Secondary
Belmont State School
Berrinba East State School
Brisbane Grammar School
Brookfield State School
Burleigh Heads State School
Canungra State School
Citipointe Christian College
Centenary State High School
Clairvaux MacKillop College
Fig Tree Pocket State School
Grovely State School
Hilder Road State School
Hillcrest Christian College
Hills College
Holland Park State School
Jamboree Heights State School
Jindalee State School
John Paul College
Kenmore State High School
Kilcoy State Primary School
Longreach School of Distance Education
Marist College Ashgrove
Marsden State High School
Manly West State School
Mitchelton State School
Mount Alvernia College
Mount Kilcoy State School
Mt Saint Michael’s College
Northside Christian College
Our Lady College Annerley
Padua College
Parklands Christian College
Queensland Academy of Science Mathematics and Technology
San Damiano College
San Sisto College
Seton College
St Aidan’s Anglican Girls Schools
St Francis Xavier Primary School Goodna
St Joseph’s Catholic School Corinda
St Margaret’s Anglican Girls School
St Mary’s College
St Peters Lutheran College Indooroopilly
St Philomena School
The Lakes College
Walloon State School
West Moreton Anglican College
Westside Christian College
Wisdom College
Wishart State School
Wondall Heights State School
Yeronga State School
New Acland reports bumper profits on back of expansion
The owners of New Acland Coal reported a 26 per cent increase in output, leading to a net profit of almost half a billion dollars.
Riviera sets sail for Florida with $20m luxury yacht fleet
Gold Coast luxury boat builder Riviera will be flying the Australian flag at the Fort Lauderdale International Boat Show next month with a $20m fleet of motor yachts.