PRESS RELEASE 7 MARCH 2022: The Voluntary Administrators of Probuild Constructions (Aust) Pty Ltd (Administrators Appointed) and Monaco Hickey Pty Ltd (Administrators Appointed) announced today they had reached in principle agreement with Australian privately-owned, and highly experienced NSW-based construction business, Roberts Co, to purchase most of the Victorian assets of the Probuild business.
The sale is subject to completion of due diligence over the next two weeks and will also include ongoing employment for the relevant Probuild Construction employees.
Voluntary Administrator and Deloitte Turnaround & Restructuring national leader, Sal Algeri, said: “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.
“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,” Mr Algeri said.
Roberts Co CEO, Alison Mirams said: “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.”
“We look forward to regaining the trust of the clients, staff and subcontractors as we continue to build a better way,” Ms Mirams said.
Read more in AFR: https://www.afr.com/property/commercial/roberts-co-in-box-seat-to-take-over-probuild-s-melbourne-jobs-20220307-p5a2ch