Probuild and its administrators hope to save the building firm after its parent company pulled the pin on its financial support, sending one of Australia’s largest construction companies into administration.
Administrators at Deloitte hope to find a new owner for the construction firm after taking control of 18 businesses in the WBHO Australia Group, including Probuild.
WBHO Australia said Deloitte was appointed as administrator after it was “abruptly informed” by its South African parent company that all financial support for the Australian arm would cease.
“We are caught up in a set of circumstances not of our making,” a Probuild spokesperson said in a statement on Thursday.
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Probuild, one of Australia’s largest construction companies, has gone into voluntary administration. Picture: Getty
The Probuild spokesperson said the company is working closely with the administrators on a number of plans to protect its clients, subcontractors and employees.
“The Probuild brand is strong and we intend to keep it that way.
“We have several options for raising the necessary capital to continue as a premium Australian building company. These will all be pursued.”
The three construction and project management businesses of Probuild, Monaco Hickey…