One of Australia\u2019s largest construction groups and more than 650 staff are in limbo, after its South African parent called in administrators.<\/p>\n
Ten companies related to Kwikform, the Australian arm of South Africa-based Waco International, which provided equipment for some of Australia\u2019s largest projects and for the Australian Grand Prix, went into voluntary administration\u00a0on Monday and Tuesday.<\/p>\n
The Sydney-based group traded as Waco Kwikform, Star Scaffolds and United Scaffolding Group, and its core business was hiring, selling and manufacturing formwork, scaffolding and shoring across 23 locations in Australia and New Zealand.<\/p>\n
Queensland projects included the Sunshine Coast University Hospital and Curtis Island LNG Processing Plant, while in NSW, the group worked on Powerhouse Parramatta, John Hunter Hospital, White Bay Power Station and more.<\/p>\n
Kwikform was also long-term partner for the F1 in Melbourne, supplying platform scaffolding, public access stairs and handrail systems.<\/p>\n
In South Australia, it has a branch in Port Adelaide, and has previously supplied scaffolding to projects across Adelaide, including for the development of the RAAF base at Edinburgh.<\/p>\n
The amount and type of debts owed by the company is unknown.<\/p>\n
McGrathNicol administrators Damien Pasfield, Melissa Smith, Kare Johnstone and Jason Preston were appointed\u00a0to sift through the company\u2019s affairs.<\/p>\n
According to its most recent financial report, filed with corporate regulator ASIC, the company had $148.1m in revenue in the year to June 30, but logged a $10.54m loss \u2013 plunging from a $9m profit the previous year.<\/p>\n
A statement from the administrators said they would continue to operate the businesses as the owners looked for buyers to take them on.<\/p>\n
\u201cWaco Australasia management has been actively pursuing concurrent sales processes for a number of business units in recent months,\u201d the statement said. <\/p>\n
\u201cWhile these efforts were promising, current market conditions and delays in transaction timing have made the appointment of Administrators necessary to ensure there is sufficient runway to conclude the processes and maximise value for creditors.\u201d <\/p>\n
Other entities in the Waco International Group operate separately and are unaffected by the Administrators\u2019 appointment, the statement said. <\/p>\n
The Administrators are continuing to trade each of the business units, and their existing branches, and provide services while immediately exploring options for sales and\/or recapitalisation, including the processes already underway. <\/p>\n
In recent months Waco Kwikform Ltd had launched legal action against Ardent Builders PTY Ltd and Desirable Living QLD Pty Ltd. <\/p>\n
The companies are directed by Waco International CEO Stephen Goodburn, 62, its CFO Dharishan Padiachy, 39, and Waco Australasia CEO Michael Els, 58, who were all born in South Africa.<\/p>\n
Mr Goodburn has been contacted for comment.<\/p>\n