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A multi-award winning construction company has gone bankrupt after more than 25 years.
Brisbane-based construction company CMG Homes on Wednesday appointed Worrells-based Lee Crosthwaite as receiver.
Mr Crosthwaite said the company had debts of almost $300,000 but had only gone bankrupt because one project had not been completed.
The family business operated from Moreton Bay and the Sunshine Coast for 28 years.
It comes as Australia’s construction industry continues to struggle in the wake of the Covid pandemic, with more than 2000 businesses going bankrupt since 2022.
A Brisbane and Sunshine Coast family business, CMG Homes (pictured), has gone bankrupt after 25 years with debts of about $300,000.
Mr Crosthwaite said numerous small construction companies across Queensland had been investigating the acquisition of the company, according to the Courier mail.
CMG Homes’ Instagram page features numerous posts about their projects, specializing in knockdowns and renovations for clients’ dream homes.
One of these posts shows CMG Homes director Ian Chaplin with two happy customers receiving the keys to their new home.
The news comes just over a week after Gold Coast-based construction company Insignia Homes also collapsed with debts of more than $6 million.
The company left eight sites nearing completion and numerous other sites earlier in the construction process.
They are just the latest construction companies to have stumbled over the past year as material costs skyrocketed and a skilled labor shortage pushed companies into the red.
Master Builders Queensland CEO Paul Bidwell said the spate of collapses had led to a decline in new home development.
The downturn has been especially brutal for Queenslanders after numerous natural disasters left homes uninhabitable and in need of reconstruction.
Australia’s construction industry continues to struggle in the wake of the Covid pandemic, with more than 2000 businesses going bankrupt since 2022 (stock image)
Mr Bidwell urged the State Government to lead changes in the sector to help it find a “clear path forward” after a big year in non-residential projects.
He hopes that construction companies will be busy in the near future with upcoming projects for the Olympic and Paralympic Games and renewed infrastructure, as the state’s growing population is in desperate need of housing.
“There is also significant unmet demand for new housing supply, critical to meeting current needs and keeping pace with Queensland’s rapidly growing population,” Bidwell said in a statement.
‘To deliver on these goals, we must ensure builders can run sustainable, profitable businesses, do more with less and develop new ways of building without burning out our current workforce – and attract more skilled workers to our sector and retain to overcome the existing workforce. shortages.’
He also urged the government to cut red tape on construction projects to reduce costs and boost productivity in the industry.