BREAKING: Shock to town as hundreds of workers are made redundant
HUNDREDS of workers have been sacked after the administrators of Ostwald Bros handed down the findings of an initial review this morning.
Derrick Vickers of PriceWaterhouseCoopers said 260 staff were made redundant and 140 workers would remain stood down as he and fellow administrator Sam Marsden continued to investigation the struggling civil construction company.
A lifeline may be thrown to 140 employees who have been asked to continue to stand down, pending the outcome of discussions with lead contractors on a number of sites that could see these projects return to operation.
"This is not a decision we have taken lightly, and we explored all options for continuing the entire Group's operations on a business-as-usual basis," he said.
"Unfortunately the current position of the company is such that this was not possible.
"However, we are in discussions with contractors at several sites and are hopeful that up to 140 employees will be able to return to work early next week."
Creditors will learn more about the financial position of the company at a meeting on September 6.
Creditors should register their claim with the Administrator by calling (07) 3257 5111.