One of Australia’s largest home builders Porter Davis has collapsed and construction firm Lloyd Group has gone into voluntary administration in a massive hit to the sector. 7NEWS
Rising input costs, supply chain delays, labour shortages and falling demand contributed to Porter Davis’s collapse, the liquidators said.
“Notwithstanding the financial support from shareholders and lenders, the group has exhausted options to secure the further funding required to allow Porter Davis to continue to operate viably,” Grant Thornton said in a statement.The Porter Davis board of directors said it regretted the current circumstances but was hopeful a solution could be found to support Porter Davis customers in completing their homes.
“In these early days, we will be undertaking an urgent assessment of the business’s financial position and project-by-project status, and immediately commence communication with project principals and stakeholders.”Marsden said the sector had faced increasingly challenging circumstances in recent months that had eroded project margins.
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