Probuild, one of Australia’s largest construction companies is on the verge of collapse. The South African parent company has pulled all financial support to them as well as 17 other companies.
It is now in the hands of administrators, as many of these businesses are folding. This has heavily impacted 750 employees and thousands of contractors. They are now locked out of job sites across the country, with many seen taking their tools before the padlocks were put on.
A spokesperson for Probuild has stated that they are working on several options to raise the capital to continue working.
The parent company has raked in billions of dollars but also haemorrhaged millions into injecting the company for troublesome projects, due to delays with challenging conditions created by Australian government’s handling of Covid 19. Border restrictions, lockdowns and work from home regulations have created difficult conditions.
The federal government blocked the sale of the company to a Chinese consortium due to security reasons.