Dalby-based Civil construction and infrastructure services firm Ostwald Bros Group has announced it has been placed into voluntary administration.
The company issued the following statement from its Managing Director, Brendan Ostwald, regarding the decision:
“It is with deep regret we announce, we are placing Ostwald Bros Group and Ostwald Construction Materials into voluntary administration today.
Over the past 27 years the family-owned and operated company has been a major employer and contributor to regional Queensland.
With the significant downturn in mining and infrastructure, Ostwald’s has actively explored ways to keep the company trading including having downsized, sold major assets, reinvested profits in the company and more recently attempted to refinance and sell the business.
Despite our best efforts, more recently, the company has been effected by commercial issues on two major infrastructure projects which has impacted cashflow and forced this decision today.
We will continue to actively assist the administrators, PriceWaterhouseCoopers who are now responsible for all Ostwald operations and decisions moving forward.
Staff and contractors were advised this morning [28 August] and I would like to take this opportunity to thank our hardworking team for their loyalty and efforts. We would also like to thank our suppliers and customers who have supported Ostwald.
We are deeply saddened by this decision and are acutely aware the impact it will have on our loyal employees, their families and the local community.”