The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
UPCOMING EVENT - INDUSTRIAL AND LOGISTICS SUMMIT 16 OCTOBER, SYDNEY
INDUSTRIAL AND LOGISTICS SUMMIT - TICKETS NOW ON SALE
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
13
print
Print
OtherAna NarvaezTue 26 Mar 19

Queensland Brickworks Enters Administration Amid Market Headwinds

cdc03db0-3848-4e62-974c-d83bc135a52e

A Queensland brickworks company formed in the 1800s has entered voluntary administration, the latest collapse in an industry contending with high energy costs and a rapidly slowing property market.

Claypave, which operates a brick manufacturing plant in Ipswich, has appointed insolvency firm Worrells as administrators.

Up to 50 employees risk losing their jobs at the business, which exports to Japan, Europe and the United States.

Headwinds in the housing market has weighed heavily on Australian manufacturing, with Brickworks’ chief executive Lindsay Partridge predicting more pain for the industry at the recent release of his company’s financial results.

Partridge said that the building products manufacturer would be seeking opportunities in the United States, as the company’s earnings were affected by high energy prices and market declines.

Brickworks operates Austral Bricks along with other building product brands and owns a 43 per cent interest in investment house Washington H Soul Pattinson as a “stabiliser to its often volatile building products earning stream”.

Related: Queensland Construction Companies at ‘High Risk’ of Insolvency

Brickworks CEO Lindsay Partridge (pictured) said his company was investigating acquisition opportunities in the US due to a slow Australian market.


Worrells’ Adam Ward said that Claypave’s voluntary administration was underpinned by cash-flow issues, a declining market and increased overseas competition “offering cheaper pricing”.

“While the administration is in its infancy, it appears all creditors will be paid in full from the sale of assets or sale of the business based upon information from the directors and pre-existing valuations,” Ward said.

Ward said that while the administration is in its infancy, all creditors look to be paid in full and employee liabilities, including superannuation and taxation requirements are up to date.

Meanwhile, the Queensland Building and Construction Commission has issued a warning to construction companies with an annual revenue of more than $30 million to return their financial reports to the commission or risk court action.

The building commission revoked Laing O’Rourke’s licence earlier this month after the British building giant failed to meet Queensland’s minimum financial requirement laws.

HotelIndustrialRetailResidentialAustraliaConstructionConstructionSector
AUTHOR
Ana Narvaez
The Urban Developer - Editorial Director
More articles by this author
ADVERTISEMENT
TOP STORIES
Global Shifts Redraw the Map for Australia’s Office Market
Exclusive

Office Eyes Slowdown as New Stock Supply Becomes a Trickle

Vanessa Croll
7 Min
Salta MD Sam Tarascio
Exclusive

Why Salta Won’t Break Ground on $400m Pipeline

Leon Della Bosca
7 Min
Exclusive

Precinct Proposals Bloom as Brisbane Middle-Ring Sheds its Past

Phil Bartsch
8 Min
Exclusive

Newest Land Lease Player Plots Sector Shake-Up

Taryn Paris
5 Min
Waterloo Affordable Mirvac hero
Exclusive

Affordable Housing Rules Tighten as Proposal Deluge Continues

Clare Burnett
5 Min
View All >
Gatton $150m Over-50s Solara Estate hero
Land Lease Communities

Undersupply Drives Regional Qld Over-50s Land Lease Plans

Phil Bartsch
Parramatta Road Rezoning HERO
Policy

Parramatta Road Rezoning Opens Way for 8000 Homes

Vanessa Croll
Sponsored

Mirvac and DisplaySweet: Decade of Innovation in Property Sales Tech

Partner Content
The 10-year collaboration has delivered more than 40 projects, transforming the off-the-plan buying experience...
LATEST
Gatton $150m Over-50s Solara Estate hero
Land Lease Communities

Undersupply Drives Regional Qld Over-50s Land Lease Plans

Phil Bartsch
4 Min
Parramatta Road Rezoning HERO
Policy

Parramatta Road Rezoning Opens Way for 8000 Homes

Vanessa Croll
4 Min
Development

Mirvac and DisplaySweet: Decade of Innovation in Property Sales Tech

Partner Content
3 Min
Goldfields Elimbah Sell-Off hero
Residential

Moreton Bay Superlot Expected to Top $300m

Phil Bartsch
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/queensland-brickworks-enters-administration-amid-market-headwinds-