Building firm Coombs Barei enters voluntary administration with the loss of nine jobs and leaving tradies in limbo
AN experienced Adelaide building company facing mounting pressure over unpaid debts has closed its doors with the loss of nine jobs.
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AN experienced Adelaide building company facing mounting pressure over unpaid debts has closed its doors with the loss of nine jobs.
Embattled Hindmarsh firm Coombs Barei Constructions, which is part-owned by Adelaide United shareholder Bruno Marveggio, was this afternoon placed in voluntary administration.
The company, founded in 1969, has been under sustained criticism over its failure to pay tradies and suppliers.
The Sunday Mail reported on the weekend that the company owed more than $200,000 to at least three contractors, had been behind on wages and was on the brink of closure.
Today’s announcement comes just weeks after the company survived a winding up application in the Supreme Court.
Peter Lanthois and Stephen Duncan of insolvency and restructuring firm DuncanPowell have been appointed voluntary administrators of the Holden St company.
Coombs Barei directors George Charalabidis and Tony Basile said the voluntary administration had been a very difficult decision.
“We did genuinely feel that we could trade out of our predicament otherwise we wouldn’t have injected significant personal funds into the company,” they said in a statement.
“However, ongoing media speculation stretched relationships with our customers and subcontractors such that continuing became untenable.”
Mr Latnhois said Coombs Barei had ceased trading while his firm undertook an “urgent assessment” of projects and liases with customers and creditors.
“The closure of the business means the loss of nine full-time jobs with a possible flow-on effect to subcontractors," he said.
Mr Basile, Mr Charalabidis and Mr Marveggio bought Coombs Barei in 2009.
The company specialised in commercial projects including refurbishing of the Stamford Grand Hotel, redevelopment of the St Basils Aged Care home and the Storeys apartment complex on Surflen Street in the city.
It had only recently been contracted to build several Housing Trust properties for Renewal SA.
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