A huge national company, which is a major supplier to the building industry, has fallen into voluntary administration after it racked up debts of $20 million.
Lutum is one of three manufacturers of roofing tiles in Australia and employs approximately 150 people.
It supplies roofing tiles and masonry products across Australia with manufacturing sites in NSW, Victoria and South Australia.
The company was previously a part of Boral, one of the largest construction materials manufacturer in Australia, before it broke out as a separate firm in 2021 after it was sold for $12 million.
Morgan Kelly, Martie Tziotis, Stewart McCallum and David Kennedy from Ernst & Young Australia (EY) have been appointed to handle the voluntary administration.
Mr Kelly…
Read the full article at: https://www.news.com.au/finance/business/manufacturing/major-roofing-manufacturer-in-voluntary-administration-with-20m-debt/news-story/2d786c668539a7768945c5a42fad8dfb