Top News Top Story

Major Australian Construction Company Collapses, 750 Jobs In Limbo

Over $5 billion in building projects all over Australia are now in limbo as 9 News confirms that Probuild, one of the country’s largest construction companies, shockingly went into administration this morning.

It’s been confirmed as per a Probuild statement, that Deloitte has been appointed as administrator after WBHO Australia was “abruptly informed” by parent company WBHO South Africa that all funding and securitisation support would stop for Australia.

“We are caught up in a set of circumstances, not of our making,” a Probuild spokesperson said as per 9 News.

“We are working closely with the administrator on a number of plans to protect our clients, subcontractors, and employees.

“We have several options for raising the necessary capital to continue as a premium Australian building company.

“These will all be pursued.”

Parent company WBHO has blamed the Australian government’s “hardline approach” for the shocking collapse, revealing that border restrictions, snap lockdowns, and working from home regulations are part of the reason for the collapse.

“The impact of lockdown restrictions on the retail, hotel, and leisure and commercial office sectors of building markets have created high levels of business uncertainty in Australia and have significantly reduced demand and delayed the award of new projects in these key sectors of the construction industry,” a statement read.

Editorial credit: Tooykrub / Shutterstock.com

Comments are closed.

© 2020, TV1News.com.au, all rights resrved. About Us | Terms & conditions