Administrator says 'business as usual' at Ipswich business
BACHMANN Plant Hire staff are remaining positive about the future despite news the long-standing Ipswich business's parent company had gone into voluntary administration late last week.
About 100 employees at the Turley St earthmoving company have been told it is a case of business as usual.
A source told The Queensland Times there was "still plenty of work on" for the forseable future, with Bachmann involved in some of Ipswich and southeast Queenslansd's major residential and industrial developments.
Listed as current Bachmann earthworks jobs are Eco Ripley, Providence Ripley, JBS Beef City Ponds and Capestone residential development in Brisbane's northern suburbs.
In January 2016, MRS finalised the A$13.4 million reverse takeover of Bachmann Plant Hire.
Bachmann Plant Hire was acquired by MRS for $13.4 million in January 2016, putting in the same stable as other MRS companies including MRS Holdings, MRS Services, and MRS Property. The companies boast a combined 400 staff across Queensland and NSW.
Bradd William Morelli, Sule Arnautovic and Trent Andrew Devine of specialist insolvency firm Jirsch Sutherland were last Wednesday appointed as Voluntary Administrators of the MRS Services Group.
Administrators said they would manage and investigate the affairs of the MRS ServicesGroup so that a Sale of the Business as a going concern and/or Deed of Company Arrangement could be explored.
When pressed for more detail on how Bachmann Plant Hire was fairing, Jirsch Sutherland Partner Sule Arnautovic said it was still too early to comment on the individual profitability of companies within the MRS Group.
"Jirsch Sutherland's investigations are ongoing," Mr Arnautovic said.
"(It is) Business as usual at this stage. The ongoing financial support of Hermes Capital for the Administrators is critical in this regard."
A first meeting of creditors of the MRS Services Group will be held on September 16.
"The purpose of the first meeting is to consider the formation of a creditor's committee of inspection and to confirm the appointment of the Administrators," he said.