Around 10 companies linked to Kwikform went into voluntary administration on Monday and Tuesday, according to multiple reports. The company trades as Waco Kwikform, Star Scaffolds, and United Scaffolding Group and operates from 23 locations in Australia and New Zealand. The administrators said the companies will continue to trade during the administration period.
Financial pressures drove the decision, with the group's latest accounts showing revenue of about $148 million alongside a loss exceeding $10 million, a sharp reversal from a profit the previous year. Management cited wider market conditions as forcing the move, though the specific conditions remain unclear. According to administrators, the ongoing financial crisis motivated the administration.
Waco Kwikform has played a crucial role in massive projects, including supplying scaffolding for infrastructure and events such as Formula One in Melbourne and hospital developments in New South Wales. Other parts of the wider Waco International Group are not affected by the administration, multiple reports indicate. The administrators are exploring options to save jobs or the business, but the timeline for concluding the process and the exact number of employees directly affected among the 650 at risk have not been disclosed.