Our article in this issue concerning the voluntary administration of ACM and facade panel supplier Fairview Architectural, was confirmed as factual and balanced by the company. However, elsewhere in the media, wild inaccuracies have been promulgated and we feel it our duty to publish Fairview's rebuttal in the interests of the 52 staff still working hard and fulfilling orders from the Lithgow, NSW HQ.
|Business as usual and sale negotiations underway - Grant Thornton in charge|
The company posted the following on its website on 13th July:
FAIRVIEW ARCHITECTURAL REFUTES MISINFORMATION
Following a series of current company and industry challenges, Fairview Architectural Pty Ltd Directors made the regrettable decision to initiate a voluntary administration of the business.
With expert administrators’ Grant Thornton input, a process to ensure Fairview’s business will continue to survive is actively being pursued.
More regrettably, misinformation about the challenges the company faces – and about our people – are being marketed. They should be corrected.
– THIS IS NOT A LIQUIDATION: This is an external administration that, by definition, can hopefully restore full trading capability.
– PRODUCT SURETY IS NOT AFFECTED: Stockholding of facade products and systems is second-to-none in Australia.
– 52 STAFF ARE WORKING HARD in the face of a real restructure and unreal gossip and slander that undermines those very jobs.
– It’s BUSINESS-AS-USUAL, while the administrators work towards a funded resolution that can be secured for staff and stakeholders.
End of company statement
On 7 July 2020, Grant Thornton's John McInerney and Said Jahani were appointed Joint and Several Administrators of the Company. The first creditors' meeting is scheduled for 17th July 2020. By this time, a 'Rescue Package' under preparation by Fairview's Director should be presented. Grant Thornton has advised creditors:
|Grant Thornton: "All roads come back to the preservation of jobs..."|
"The director also advised he intends to form a rescue package with the view to maximising the return to creditors. The rescue package involves a potential sale of the Company’s business to a related entity and entry into a licence agreement to preserve the business and retain staff. We are currently conducting our due diligence in relation to these transactions."
Additionally, Mr McInerney has stated:
“All roads come back to the preservation of jobs, continuity for the business and a maximised return to creditors. We will shortly commence an independent sale campaign, with the aim to find the right purchaser to take on the entirety of the business – including its people,” he said.
If you believe you are owed money by Fairview, or have other queries, you can email the administrators at: email@example.com