Building company Zadro Constructions goes into voluntary administration
Another major construction company has gone into voluntary administration with all its staff laid off.
Western Sydney-based company Zadro Constructions went under last month with Grant Thornton Australia appointed as administrator on September 15.
All seven staff have been made redundant as a result.
A record 2213 building companies collapsed in the 2022-23 financial year, a 72 per cent increase on the previous 12 months.
Fixed price contracts, an escalation in construction and material costs, supply chain issues and shortages of tradies have been blamed for the huge number of builders to go under in recent times.
Zadro, which had operated since 1962, recently finished 14 school infrastructure projects in Sydney’s west and north and restored several churches including St. Anthonys at Clovelly and St. Patrick’s at Kogarah.
Zadro Constructions has gone under after a 51 year history working in NSW and the ACT. Pictured: workers stand back after a crane incident at the Sydney Fish Market site
Penrith based Zadro worked on the iconic Hyde Park Barracks upgrade in Sydney
It also did the fit-out for the Westconnex Motorway operations centre, worked on Sydney Living Museums’ iconic Hyde Park Barracks and also had project work in the ACT.
The Penrith-based company’s online bio said it ‘successfully’ worked on long term projects for 51 years in many sectors including ‘education, retirement living, aged care, residential, commercial, education, public infrastructure, retail, heritage and industrial’.
‘The administrators held discussions with key customers regarding options to restructure the company’s affairs and complete projects underway,’ a Grant Thornton spokesperson told 7News.
‘While discussions regarding the future of the projects are continuing, it appears unlikely that the business will recommence trading and all staff have been formally terminated.’
John McInerney and Cameron Crichton from Grant Thornton are the joint administrators.
The company’s future will be determined after a meeting with creditors this month.
Zadro’s collapse comes just 11 days after news that 100 workers are out of a job with the demise of South Australian builder Wake Concepts.
It will be wound up with Anthony Phillips from Heard Phillips Lieberenz appointed as its liquidator despite having several unfinished projects on its books.
It was involved in the $1billion build of Walker Corporation’s One Festival Tower, which was slated to be completed in 2023.
Wake Concept’s collapses followed just days after major Adelaide home builder Qattro also went under, putting about 200 housing projects in doubt.