A group of companies linked to one of Australia’s largest scaffolding and formwork providers has entered voluntary administration, placing more than 650 jobs at risk.
Ten entities tied to Kwikform, the Australian arm of Waco International, were placed into administration earlier this week.
The Sydney-based businesses traded under several names, including Waco Kwikform, Star Scaffolds and United Scaffolding Group. The group operates across 23 locations in Australia and New Zealand, providing scaffolding, formwork and shoring services.
Administrators from McGrathNicol have been appointed to oversee the process, with the companies continuing to trade while options are explored.
In a statement, management said efforts had been underway to sell parts of the business, but delays and wider market conditions forced the move.
They said the appointment of administrators would provide “sufficient runway” to complete potential transactions and maximise returns for creditors.
Financial pressures appear to have played a key role. The most recent accounts showed revenue of around $148 million, alongside a loss of more than $10 million, a sharp reversal from a profit the previous year.
The group has been involved in major projects, including supplying scaffolding for infrastructure and events such as Formula One in Melbourne and hospital developments in New South Wales.
It remains unclear how much debt the companies hold.
Other parts of the wider Waco International Group are not affected by the administration.
