Mainzeal staff halved by redundancies

GREG NINNESS
Last updated 16:21 11/02/2013

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About 200 staff at Mainzeal Property and Construction were made redundant today as the company’s receivers continued a review of operations.

Receiver Colin McCloy of PricewaterhouseCoopers said about half of the company’s approximately 400 staff had been made redundant.

They were a mix a staff from its Auckland head office and various building sites around the country.

McCloy said it was necessary to review the company’s staffing levels in order to urgently reduce cash flows.

The receivers were also conducting a site by site review of all of the company’s projects to work out the best strategy for each of them.

This involved about 40 projects and McCloy said they had reviewed about half of them since being appointed last Wednesday.

Since Friday the receivers had also been working with contractors and sub-contractors to give them access to the sites, to ensure all parties involved were safe and that property that rightfully belonged to contractors could be retrieved in a controlled manner, McCloy said.

The receivers are also in talks with several parties that are interested in buying the business and assets of Mainzeal, either in parts or as a whole, he said.

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