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Walter Construction Group

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Walter Construction Group Limited
FormerlyConcrete Constructions
Company typePrivately held company
IndustryConstruction
Founded21 April 1920
FounderAllen Lewis
Defunct2005
FateBankruptcy
Headquarters
Sydney
,
Australia
Area served
Australia
Revenue$500 million (2005)
Number of employees
1,000 (2005)
ParentWalter Bau [de]
Websitewww.walter.net.au
The company's logo prior to its rebranding as Walter Construction Group

Walter Construction Group Limited, known for most of its life as Concrete Constructions Pty Ltd,[1][2] was one of Australia's oldest and fifth largest construction company[3] prior to its 2005 collapse. The company was founded on 21 April 1920 by Allen Lewis.[4][5] It remained independent until 1999, when the company was bought by the German Walter Bau [de] and rebranded as Walter Construction Group.[6]

Collapse

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Before its collapse, Walter Construction had two divisions: "Construction and Civil", and "Mining".[7] While the mining division was profitable and expanding, the construction division had been losing money since 2000. By the company's collapse, 18 of its 21 contracts were cashflow negative.[3] During this period the company heavily relied on its parent company for financial support,[8] however Walter Bau was also experiencing financial difficulties and both companies were placed into liquidation on 3 February 2005.[9][10] KordaMentha was appointed the administrator,[11] and proceeded to liquidate the remaining assets of the company by 2018.[12][13][14] During their investigation, it was also revealed that Walter Construction had traded while insolvent.[15][16]

Prior to the collapse, John Holland had a bid to acquire Walter Construction, however the deal fell through in 2002.[17]

Notable projects

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References

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  1. ^ "TODAY'S LAW LIST". Canberra Times (ACT : 1926 - 1995). 22 May 1995. p. 6. Retrieved 11 May 2020.
  2. ^ "Walter buy: Leighton no Wally". The Sydney Morning Herald. 18 December 2002. Retrieved 11 May 2020.
  3. ^ a b "Construction" (PDF). KordaMentha. 1 August 2012.
  4. ^ ASIC Connect; ACN 000 008 935
  5. ^ Perkins, John, "Allen Charles Lewis (1891–1970)", Australian Dictionary of Biography, National Centre of Biography, Australian National University, retrieved 11 May 2020
  6. ^ "CONCRETE CHANGES.(FEATURES)". The Australian (National, Australia): 035. 9 April 1999.
  7. ^ "Walter Construction in administration". The Sydney Morning Herald. 2 February 2005. Retrieved 11 May 2020.
  8. ^ "Walter directors 'knew parent was bankrupt'". The Age. 22 March 2005. Retrieved 11 May 2020.
  9. ^ Frericks, Sebastian (28 December 2018). Downfall of Large German Listed Companies: A Two-Dimensional Analysis of Failure Factors. Springer. p. 49. ISBN 978-3-658-24999-1.
  10. ^ "Workers lose millions as builder collapses". The Sydney Morning Herald. 3 February 2005. Retrieved 11 May 2020.
  11. ^ ASIC (13 March 2018). "Walter Construction Group Limited (In Liquidation) 008 390 074 | Creditors' Voluntary Liquidation". ASIC. Retrieved 11 May 2020.
  12. ^ "Last asset sale for Walter Group". Australian Financial Review. 16 April 2005. Retrieved 11 May 2020.
  13. ^ ASIC Connect; ACN 008390074
  14. ^ "Workers lose millions as builder collapses". The Sydney Morning Herald. 3 February 2005. Retrieved 11 May 2020.
  15. ^ "Walter directors 'knew' it was insolvent". The Sydney Morning Herald. 22 March 2005. Retrieved 11 May 2020.
  16. ^ "AM - Walter Construction Group collapses". www.abc.net.au. Retrieved 11 May 2020.
  17. ^ "Walter buy: Leighton no Wally". The Sydney Morning Herald. 18 December 2002. Retrieved 11 May 2020.
  18. ^ "BUILDING ESTIMATED TO COST £2 MILLION". Canberra Times (ACT : 1926 - 1995). 18 January 1950. p. 1. Retrieved 10 May 2020.
  19. ^ "Tower Canberra's most prominent landmark". Canberra Times (ACT : 1926 - 1995). 28 December 1979. p. 7. Retrieved 11 May 2020.
  20. ^ "Telstra Tower". www.telstratower.com.au. Retrieved 11 May 2020.
  21. ^ "25 YEARS ON: CALLING ON PARLIAMENT HOUSE CONSTRUCTORS | Indesignlive". Indesignlive | Daily Connection to Australian Architecture and Design. 6 May 2013. Retrieved 11 May 2020.
  22. ^ "Who was chosen to build Australia's largest Building?" (PDF). The House Magazine. Vol. 7, no. 12. 9 May 1988. Retrieved 11 May 2020.
  23. ^ Grosvenor Place Sydney Architecture
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