The voluntary administrator of property and construction giant Probuild has today announced Sydney-based Roberts Co will acquire most of the Victorian assets of the collapsed company.
In a statement, administrators Deloitte said the sale to Roberts Co is subject to completion of due diligence over the next two weeks, and will also include ongoing employment for the relevant Probuild Construction workers.
“Just over a week into the administration and while due diligence is still to be completed, this is an excellent outcome for these parts of the group’s operations in terms of employment and certainty for sub-contractors, suppliers and other stakeholders,” Deloitte’s Sal Algeri said.
“Roberts Co would be a natural fit in terms of its experience in large-scale projects and its history with various Probuild executives.
“The next two weeks will be important for all parties as we pursue a successful outcome and we look forward to working closely with Roberts Co towards that end.”
Roberts Co CEO Alison Mirams said the acquisition aligns with the company’s expansion plans.
“It’s not often the right opportunities present themselves under such challenging circumstances. This one aligns with our growth plans into Victoria following a successful launch in NSW over the past five years,” Mirams said.
“We look forward to regaining the trust of the clients, staff and subcontractors as we continue to build a better way.”
The administrator also confirmed that the sale process of the Wilson Bayly Holmes - Ovcon Limited Infrastructure diversified engineering and infrastructure business in Western Australia was “progressing well”, with offers due by 11 March 2022.
“Deloitte is hopeful that work will restart on some of the Probuild Construction projects shortly under arrangements agreed with Probuild’s clients,” Deloitte said.
The asset sale comes after a group of Australian property and construction companies collapsed in late-February, the result of South African-based parent company Wilson Bayly Holmes - Ovcon Limited (WBHO) pulling financial support, citing COVID-19 restrictions Down Under as the catalyst for the businesses’ demise.
It resulted in an uncertain future for those working at project management businesses Probuild, Monaco Hickey and WBHO Infrastructure, as well as for the multi million-dollar projects they were constructing.
Of the three, Probuild was one of the largest and most recognised brands, having been behind the construction of major builds in Australia including the fitout of the new Victoria Police Headquarters, the revitalisation of Queen and Collins in Melbourne’s CBD, and The Star’s suite tower for its property on the Gold Coast.
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