Faced with subcontractors on the verge of financial ruin, construction giant Multiplex is urgently appealing for government assistance to stabilise the $836 million sydney Fish Market project.
The plea for intervention follows the downfall of Sharvain Facades, the company behind the project’s striking wave-like roof, which went into voluntary administration in March, reportedly owing tens of millions of dollars.
Sharvain’s demise has sent shockwaves through the supply chain. Multiplex had loaned the company $16 million in October to keep it afloat, but now finds itself among the creditors left in the lurch. Subcontractors have been battered by soaring material and labor costs, with some plunging into administration and others absorbing losses in the millions.
Paragon Plumbing director Brooke Fleming said his company was hit with a $1 million loss. “It’s the worst job I’ve done in 24 years,” he said.
Two other subcontractors are reportedly down $6 million and $7 million, respectively.
Sydney Fish Market project hit by delays and financial uncertainty
The project has been plagued by delays since construction began in 2021. COVID restrictions, torrential weather, and a crane…
