Lutum, the national roofing tiles and masonry products supplier spun out of ASX-listed Boral in 2021, went into voluntary administration on Tuesday with outstanding debts of $20 million.
EY administrator Morgan Kelly, appointed with colleagues Martie Tziotis, Stewart McCallum and David Kennedy, said they were working with Lutum’s existing management to keep the business going and find a party willing to recapitalise it, which they hoped to within two to three months.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
