Distressed Assets Media Centre
05 March 2010
Building materials group 7Steel Distribution in receivership
Source: smartcompany.com.au
A national steel distribution company with $110 million in annual revenue has collapsed into receivership and been put up for sale in further evidence Australia's construction sector remains under pressure.
7Steel Distribution, which has its headquarters in the New South Wales town of Mt Druitt, has 11 sites located around Australia, including facilities in NSW, Victoria, Queensland, Northern Territory and Western Australia.
Receivers Peter Marsden and David Kerr from accounting firm RSM Bird Cameron and administrators Paul Weston and David Young from Pitcher Partners were appointed on March 1.
Marsden and Kerr have now put the business on the sale block. The company had revenue of $110 million in 2008-09. The current value of stock on hand is put at $25 million.
The company is continuing to trade.
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