It has been announced by Mahercorp, the parent company of Eight Homes and Urbanedge Homes, that they have entered voluntary administration.
The company has stated that this was the only option after being advised that their supplier of essential safety equipment’s insurer would no longer support the business.
In a statement, Mahercorp said that building costs have been skyrocketing, with materials and labor costs at record levels and rising inflation putting huge pressure on builders. In an effort to relieve the strain of these cost increases, the company has been renegotiating their trading terms with their suppliers and insurers.
Construction of homes will be put on hold for the 5–week duration of the voluntary administration. Mahercorp has said that they will be working closely with the administrators on a plan to get the business back on track and to finish the homes.
Hundreds of homes in the Wyndham area are believed to be under construction with the company.
Those with questions regarding the voluntary administration can contact Mahercorp at mahercorp@corcordis.com.au or call on 03 8320 5656 during business hours.
