- The 15 year old construction company had been facing significant labour and supply chain issues
- 103 clients have unfinished homes
Pivotal Homes, a Gold Coast construction company, has gone into liquidation.
The company which has built over 1,500 homes during its 15 years of operations has scrambled to rising costs, labour and supply shortages facing the industry.
According to the company. 103 clients have unfinished homes. A further 177 contracts for homes it has signed but have not started are also impacted.
“We are absolutely devastated for our 16 Pivotal Homes employees and assure all creditors, contractors and subcontractors have been paid in full,” said Pivotal Homes managing director Michael Irwin, who privately owns the company.
“In my 30 years’ experience, I have never seen a set of circumstances like this and obviously we are not alone in these unfortunate conditions facing the industry.”
Worrells Chris Cook and James Roba have been appointed as liquidators.
According to the Queensland Building and Construction Commission (QBCC) 211 jobs were completed in 2020-21 totalling $56.7 million. So far this year 105 jobs have bene completed to the tune of $30.5 million.
The news comes as builders such as Condev, Probuild and Pindan have all folded over the past year, and just yesterday REMI Capital went into liquidation.
There are also rumours circulating suggesting Metricon is under financial duress, following the death of their co-founder last week, however the company has denied this.
