Economy

Reprieve for home owners as collapsed builder Beechwood is purchased

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The receivers of collapsed NSW building company Beechwood Homes have sold the company to Resibuildco for an undisclosed amount, to the relief of hundreds of home owners, employees and tradespeople affected by the collapse.

The receivers of collapsed NSW building company Beechwood Homes have sold the company to Resibuildco for an undisclosed amount, to the relief of hundreds of home owners, employees and tradespeople affected by the collapse.

The new owner of Beechwood is Vic Cavasinni from family-owned construction group Cavasinni Constructions.

Chris Campbell from Deloitte Corporate Reorganisation says: “The sale will allow for the value of the security deposits paid by homeowners to be retained, and for discussions to commence with the new owners regarding the appropriate next steps toward construction.”

The remaining Beechwood employees will be offered jobs with the new owner, and Cavasinni is keen to retain the services of tradespeople and suppliers who previously supplied Beechwood.

Vic Cavasinni says the new management team have already met over the weekend to develop a list of priorities for immediate action, with the aim of contacting each individual homeowner by phone and in writing.

“We will also be continuing site inspections to review the construction status of each home. Understandably, it will take a little time to recommence construction and source the appropriate contractors and suppliers, but we will look to do this as soon as possible.”

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