McGrathNicol says lack of funding precludes lengthy sale campaign
Western Australia’s Kwik Transport & Crane Hire may find out as early as today what its future holds after going into voluntary administration.
Kwik, owned by the Smith-Gander family and led by managing director Western Roads Federation chair Craig Smith-Gander, fell under the control of restructuring firm McGrathNicol’s Perth office last Wednesday.
McGrathNicol restructuring partner and Kwik administrator Rob Kirman told ATN the process had seen about half the workforce, reportedly 80 staff, made redundant immediately and the search had been on to find a buyer or buyers since then.
“Essentially, what we’ve been doing for the last few days is holding discussions with a few interested parties to see if they had the ability to achieve the sale of part or all of the business,” Kirman said.
“Unfortunately, we haven’t got sufficient funding to be in position to do a detailed and lengthy sales campaign.”
He expected to know by today or tomorrow if a sale of some sort was “achievable and what the strategy is going to be from there”.
Kirwan said he was unable to address the reasons for Kwik’s difficulties as he was without information on what went wrong.
He did say work was continuing in the transport division, particularly on the modular home relocation business, and the cranes division.
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