Strongbuild Group of Companies enter into Voluntary Administration
- Posted by: Admin
- Category: Insights
On 15 November 2018, Brian Silvia and Andrew Cummins were appointed as Voluntary Administrators to the Strongbuild Group of Companies consisting of Strongbuild Pty Limited, Strongbuild Manufacturing Pty Limited and Strongbuild Commercial Pty Limited.
Strongbuild commenced in 2000 and is a Home, Multi-Residential, Commercial and Retirement Village Builder operating in Sydney and the Illawarra, Southern Highlands and South Coast regions.
In recent years Strongbuild has invested significant capital to develop a world’s best practice manufacturing division specialising in the offsite production of environmentally friendly modules, significantly reducing the building times for residential and commercial/multi-site projects.
The Voluntary Administration appointment was precipitated by the Group’s weakened financial position as a result of the recent termination of a $45m construction contract.
The Group employs 150 staff and currently has approximately 50 projects on foot.
The Administrators are currently reviewing the Group’s financial position and assessing the viability to continue to trade and complete the projects. Employees may be stood down for a brief period whilst we undertake our review.
The Administrators intend to undertake a sale of business for either the whole of the business or each of its divisions.
The Administrators are confident that there will be strong interest from prospective purchasers.
Further information will be made available on the current matters page of the FerrierSilvia website as the administration proceeds.
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