Moreton Bay mechanical company Venmist shuts down with $2 million debt
A 35-year-old Moreton Bay based mechanical services company has crumbled under financial strain, entered into liquidation while owing $2 million to employees, the ATO and suppliers.
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A 35-year-old airconditioner installation company, which has serviced Logan Hospital, shopping centres and schools, has crumbled under financial pressures, tallying a debt of $2 million.
Lawnton-based Venmist Air Pty Ltd and Venmist Pty Ltd recently announced it would go into voluntary liquidation, following a history of projects with an array of large and medium-sized builders around Queensland.
It ceased operations the day prior to entering into voluntary administration on February 20, 2024 and is now undergoing a liquidation process with a reported debt of $2 million to creditors and employees after a 35-year history specialising in airconditioning and ventilation design and installation.
According to the company’s website, Venmist was established in mid-1983 and started operating out of Goodna. It had about 25 employees by the time it ceased trading.
Appointed liquidator Nikhil Khatri of Worrells said Venmist Air Pty Ltd and Venmist Pty Ltd owed about $2 million to employees, statutory creditors, including the ATO for $826,000, and suppliers.
Mr Khatri said factors which forced the 35 year company included rising input costs predominantly in relation to labour, unfavourable terms of labour, inability to pass on costs to customers, delays on projects not caused by the company, adverse weather and lack of support from stakeholders to assist company trading out.
According to Venmist’s website, “previous projects successfully undertaken and completed by Venmist include public and private Hospitals, aged care, education (private & public), residential high rise, shopping centres, office buildings, industrial buildings, retail, defence, specialist facilities, hospitality, entertainment and laboratory projects”.
Venmist was contacted for comment.
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Originally published as Moreton Bay mechanical company Venmist shuts down with $2 million debt
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