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Stevens Construction, a New South Wales company that has completed hundreds of millions of dollars worth of building projects, has gone into voluntary administration.
The Central Coast-based firm called in Jonathon Keenan, Andrew Cummins and Peter Krejci from BRI Ferrier as administrators on Monday morning, who are now looking at whether to restructure or sell the business.
Work on all 10 of the company's projects has been temporarily suspended, but the 40 staff employed by Stevens Construction have not been stood down, a spokesperson told 9news.com.au.
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"The administrators will work closely with the Stevens Construction team as we investigate what has occurred and seek to identify options that may be available to clients, employees, subcontractors and suppliers of the company," Keenan said.
Stevens is the latest in a long list of construction businesses that have fallen into administration or collapsed entirely since the pandemic, with supply chain disruptions, skilled worker shortages and high material costs all contributing factors.
"The construction industry has faced significant challenges since the onset of the COVID-19 pandemic," the company said in a statement on its website.
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"Unprecedented disruptions have led to skyrocketing building costs, reduced productivity, and critical shortages of materials and skilled labour.
"These factors have collectively placed immense pressure on Stevens Construction, making continued operations unsustainable."
Stevens Construction was established in 2006.
According to its website, it has a project portfolio worth more than $400 million, primarily commercial and retail buildings but also several residential apartment blocks.
A first creditors report is expected to be issued in the coming days.
