Mainzeal staff halved by redundancies

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

Relevant offers

Industries

How much has the economy grown? Motels cast fishing crews adrift PGC announces offer to gain controlling 49 per cent stake in EPIC Financial advisers question CG tax Brazil hub for Tait's growth in South America Power boss on $32k a week Fairfax no comment on APN speculation South Korean-flagged vessels sent to port Turners drives up Dorchester profit Radio spectrum auctioned on Trade Me

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.

Ad Feedback

- Stuff

Special offers

Featured Promotions

Sponsored Content