Pool equipment manufacturer turning over $20 million collapses
The manufacturing pain continues. Poolrite, a manufacturer and supplier of pool equipment and supplies has slipped into administration.
The collapse comes just days after a manufacturer of healthcare equipment also went into administration, and also follows news that the Australian manufacturing industry has endured several consecutive months of contraction.
The company, which turned over $20 million in 2012, is now in the hands of SV Partners. The administrators were contacted this morning, but SmartCompany was informed they were unavailable to speak.
The company was contacted this morning, but phone lines appeared to be disconnected.
Poolrite was founded by Peter Wolpert in the western suburbs of Sydney in 1978, and now claims to be one of the country's biggest manufacturers of pool and spa equipment.
The company has experienced some ownership changes in its 34 years – in 1999, the business was purchased by the Palmer Group and subsequently relocated its manufacturing base to Brisbane.
The business claims to have developed some of the industry's leading equipment, including pumps and cleaning equipment. The business developed MagnaPool, which is a patented mineral water system used as an alternative to salt and chlorine systems.
SV Partners is calling for expressions of interest for the business, saying it holds numerous patents and trademarks.
The collapse is yet another sign of the troubled manufacturing industry in Australia, which continues to suffer from the high Australian dollar.
More recently, businesses in the automotive sector have been under pressure, with a few major collapses having already occurred. Furniture companies have also been under a significant amount of stress.
The Federal Government recently released a report into the manufacturing industry, although hasn't specified any measures that will be implemented in practice.