Several major projects in Victoria and New South Wales have been hit after the melbourne-based construction company Lloyd Group was placed in voluntary administration with Deloitte.
The collapse of the construction firm, which mostly specialises in state and local government work, has upended the progress of 59 projects in the two states, and impacted about 200 employees as well as several subcontractors, workers and suppliers.
The company operates offices in Melbourne, sydney, brisbane and Geelong, and has executed several projects across education, commercial, local and state government, health and aged care, hospitality, and community sectors. Established in 1979 by Trevor Lloyd, the company is currently headed by directors Clinton and Dustin Lloyd.
Deloitte Turnaround & Restructuring partners Sam Marsden, Sal Algeri, Jason Tracy and Tim Norman have been appointed voluntary administrators of six Lloyd Group firms by the company.
According to Lloyd Group’s 2021/22 financial report, while turnover rose to $275.7 million from $158.7 million, the profit amounted to less than a quarter of the previous year’s $2.1 million. The fall was primarily attributed to rain and flood events that led to procurement losses, project…
