Prefabrication and lightweight timber builder Strongbuild was placed into voluntary administration at 9am on Thursday 15th November, after Frasers Australia reportedly pulled out of a contract just two weeks from commencement leaving a massive $6 million gap in expected earnings.
There is no doubt since their arrival in to the prefab market, they were seen by many as pin up boys of the sector and their presentations at events such as Frame Australia left many in awe of what they were achieving.
The collapse has left many asking why? Strongbuild managing director Adam Strong (pictured above) told The Fifth Estate, that a lending facility that had been arranged as working capital was abruptly cancelled which resulted in the surprise collapse.
According to Mr Strong, Frasers gave no reason for reneging on the arrangement, other to cite matters of convenience, leaving no option but to appoint voluntary administrators Brian Silvia and Andrew Cummins of BRI Ferriers.