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Sunday / June 26.
HomeminewsOHL Australia in Receivership

OHL Australia in Receivership

After just two years of existence, frame providers OHL Australia have become victims of tough economic times. The company, a subsidiary of the New Zealand parent company OHL, has been put in the hands of receivers. According to OHL Aust. Director Richard Vincent, the parent company was unable to provide OHL Aust. with any more funds just as the subsidiary company was entering its slowest period in December and January.

“We needed some more funding to get through that period and that was not forthcoming so I had no option, but to appoint an administrator. I had no option because the parent company didn’t have any further funds and the banks wouldn’t provide any further funds,” said Mr. Vincent.

Mr. Vincent said the business was “going alright” until October, when things started to slow up. “We still sold a lot of stock, but much of it was older stock which we sold at depressed prices.

“In November, the business started to dramatically slow down. Optometrists were saying ‘come back next year’ and our reps were not getting any appointments”.

Mr. Vincent said after he had no option, but to appoint an administrator, the bank appointed a receiver. The receiver has already asked for expressions of interest.

The receivers will then evaluate those offers as well as others for various parts of the company, before deciding what offers to accept.

Mr. Vincent said 20 “long term and valuable employees” had been affected by the company’s liquidation.

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