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 and rebranded as Walter Construction Group.[6]

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

Collapse

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

References
  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. "Construction" (PDF). KordaMentha. 1 August 2012.
  4. ASIC Connect; ACN 000 008 935
  5. Perkins, John, "Lewis, Allen Charles (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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