The parent company of melbourne builders Eight Homes and Urbanedge Homes has entered voluntary administration, telling its customers “all builders are facing unprecedented challenges” because of the rising cost of materials and labour.
Steve Maher, CEO of Mahercorp, said the company entered voluntary administration on Friday afternoon in an email to clients, sighted by The Australian Financial Review. A total of 730 builds are on hold, but a company spokeswoman said building insurance had been taken out on all contracts.
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