Adelaide builder Qattro goes bust, leaving 200 housebuilders in limbo
South Australian homeowners are in limbo following the collapse of another construction company, with 200 homes currently under construction.
Adelaide housebuilder Qattro has become the latest construction company to go bust, with the company reportedly owing more than $4.5 million to its unsecured creditors.
The company has contracts on its housing projects worth more than $110 million.
Adelaide housebuilder Qattro has become the latest construction company to collapse, with 200 homes being built by the company yet to be completed.
Liquidators Chris Powell and Nick Gyss of Duncan Powell have been tasked with overseeing the administration of the company’s assets.
In a statement provided to The advertiserMr Powell said they would work to secure any projects the company has undertaken that are not yet complete.
“Qattro has built various stages at the Cedar Woods Fletcher Slip Development and Dock 1 Development for Kite Constructions as well as several other smaller developments including projects at Underdale, Torrens Park and Lightsview,” Mr Powell said.
“We will work closely with the management team and the various developers and owners to mitigate losses and ongoing risks for all stakeholders and facilitate the orderly transition and completion of the projects.”
Company director Bradly Jansen said it was difficult to go into administration as the company struggled with higher costs.
In a statement, Mr Jansen told the newspaper he had tried everything to keep the business running.
“I am devastated to make this decision after three extremely difficult years of trying to get the business back to financial viability post-Covid,” he said in a statement.
“I know that the closure of the business will have a significant impact on its many long-standing employees, customers, contractors and various local sports clubs and charities that Qattro has strongly supported over the past 15 years…for this, I am sorry for that.”
The company was hit by supply chain issues and labor shortages as it built several developments.
“I did my best to protect staff and suppliers,” Mr Jansen said.
“I can honestly say that I have invested all of my personal assets in the business to try to succeed, but attempts to absorb the $7.5 million in cost increases over the past few years have wiped the balance sheet ” said Mr. Jansen.
The construction company has contracts to build homes and other projects worth $110 million.
Qattro was created in 2008 and employs 25 people.
The company is the latest in a string of construction companies that have collapsed in the sector in recent months.
According to the last The figures According to the Australian Securities and Investments Commission (ASIC), more than 700 construction companies became insolvent in the last financial year.
Qattro joins a long list of construction companies that have gone bankrupt across Australia, with the latest ASIC figures showing more than 700 construction companies entered bankruptcy in the last financial year.
It comes after another South Australian construction company, 7 Star Construction, was left on the brink of collapse after its license was withdrawn.
Dozens of customers have been left in the lurch after construction of 27 homes faced lengthy delays.