Lowrie Constructions has collapsed despite its core business focusing on the lucrative construction and mining sectors in Western Australia.
Lowrie built transportable switch rooms for the mining and natural gas industries and has design, drafting and fabrication capabilities.
The business was engaged in projects for major iron ore and oil and gas producers as a sub-contract manufacturer and has a potentially significant pipeline of contracts and repeat business from major companies.
Lowrie had been operating for over 20 years in Western Australia and its turnover was $20 million to $30 million.
However, Lowrie has run into trouble, with Jeff Herbert of PPB Advisory appointed as an administrator and expressions of interest sought for the business in an advertisement in The Australian Financial Review today.
The business employs 50 staff at Maddington in WA and at this stage there is no update on what will happen to the staff.
The Australian Securities and Investment Commission’s insolvency statistics show 2,552 companies entered external administration in the last quarter, a slight fall from the previous quarter when 2,655 entered administration.
However, Western Australia only recorded 141 administrations for the quarter in comparison with New South Wales where there were 1,007 reported.
SmartCompany contacted PPB Advisory for comment but no response was available before publication.