One of Australia’s largest suppliers of nails, screws and wire products has collapsed into receivership but is continuing to trade.
Otter Group Pty Ltd appointed external managers David McEvoy and Stephen Longley from PPB Advisory last week after operating for more than 50 years.
PPB Advisory is calling for urgent expressions of interest to acquire the company and its assets, with the group continuing to trade through the receivership.
Otter Group, which is based in Victoria, had an annual turnover of $27 million prior to entering receivership.
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The group owns the intellectual property of a number of brands, including showerhead manufacturer Interbath, which it bought in 2007.
Receivers are also seeking urgent expressions of interest for Otter Fencing, a subsidiary of Otter Group that has been manufacturing, supplying and installing security fencing and gates for close to 50 years.
The fencing business had an annual turnover of around $10 million prior to the receivership.
The company’s production facility is based in Dandenong and the business has “strong relations and a portfolio of repeat council and commercial clients”, according to an advertisement from the receivers.
SmartCompany understands PBB Advisory has already received several expressions of interest, with non-binding bids due by Tuesday 15 March.
PPB Advisory partner told SmartComany in a statement there has been a “strong level of interest” in Otter Group as well as its subsidiaries.
“Our aim is to conclude the expressions of interest campaign within the next four weeks and help the business emerge from receivership in a stronger position,” McEvoy said.
“We are working closely with Otter’s management team, employees, customers and suppliers to achieve the best possible outcome.”