Prefabrication and lightweight timber builder Strongbuild was placed into voluntary administration at 9 am on Thursday morning after Frasers Australia pulled out of a contract just two weeks from commencement leaving a massive $6 million gap in expected earnings.
Strongbuild managing director Adam Strong told The Fifth Estate, was that a lending facility that had been arranged as working capital was abruptly cancelled.
According to Mr Strong, Frasers gave no reason for reneging on the arrangement, other to cite matters of convenience, leaving no option but to appoint voluntary administrators Brian Silvia and Andrew Cummins of BRI Ferriers.
The contract was for stage two of Edmondson Park, for 104 townhouses. Mr Stron…
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