A sydney construction firm has plunged into administration after almost 50 years in business.
Award-winning Novati Constructions, founded by Peter Novati in 1971, appointed administrators from Worrells after slipping into insolvency this week.
Luisa and Marco Novati are listed as directors of the company, with Marco now serving as the company’s group manager, according to The Daily Telegraph.
“Unfortunately, ongoing market pressures have made Novati’s continued operations unsustainable, due to uncertainty, an increase in cost of materials and labour, and interest rate rises,” they said.
“Over the past several months, we have canvassed solutions for the current financial position of Novati; however, we have made the difficult decision to appoint Graeme Beattie and Aaron Lucan as administrators.”
The company had secured a range of residential and commercial projects across Sydney just before its collapse, including a warehouse in south Sydney for IT distributor Dicker Data.
The firm also built the luxury apartment complex Point in South Cronulla and the Manly Civic Club.
“Our Manly Civic Club Project includes the full and complete fit-out, including associated services to all club areas,” a statement on the project reads.
“An…