Finally, a corporate collapse good-news story. A Queensland concrete company has been successfully pulled out of receivership by turnaround firm Vantage Performance, with 80 jobs saved in the process.
Brisbane Concrete Pumping Meales, the state’s largest concrete business, collapsed late last year with debts of $8 million. But on 16 January, control of the company was handed back to the board of directors.
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Vantage Performance managing director Michael Fingland says the results of the process are extremely encouraging.
“It actually went into receivership back in October, which was when we were appointed by the directors to put a strategy together. We worked in parallel with the receiver to bring it back out. It came out of administration and receivership last week.”
Fingland also says companies must be willing to admit they need help, rather than wait until it is too late. “I liken it to saying that prevention is better than a cure,” he says.
“When you see those first signs of stress on the business, you need to move. Our preference is to try and get these companies much early when you just have a lot more options.
“Also seek advice – even if it’s just an hour conversation. What we’re faced with is that Aussie pride issue really, a lot more than other companies. A lot of people, often men, running companies don’t want to admit they need advice when really they need it to save their business.”