Lara Bennett, John Fisk and Richard Longman from PwC were last night appointed receivers to Ebert Construction Limited as a result of a request made by the Ebert Board of Directors to its bank.
Ebert’s Board advise that it and the Company’s newly appointed senior management team have been working to improve a number of poorly performing projects in the Auckland Region which have adversely affected the Company’s financial position. Last week, the Board was advised of likely substantial increases in the expected costs to complete those poorly performing projects. Alongside those poorly performing contracts, the Company’s portfolio of projects includes several well performing contracts. Notwithstanding this, the Directors formed the view that the Company could no longer continue trading given the impact of the actual and anticipated losses.
Receiver John Fisk says “we are committed to doing the best we can for the staff, subcontractors and suppliers of Ebert. We will work closely with all parties involved with the contracts in progress to determine the best way forward.”
A dedicated page on the PwC website can be found at pwc.co.nz/ebert. It will be updated as appropriate.
Ph: 021 133 7424