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Unprecedented industry challenges sink Stevens Construction

Posted by Edgar Adams on 17 June 2024

Major Central Coast builder, Stevens Construction (NSW) Pty Ltd, in late May announced that it had entered into voluntary administration appointing restructuring and insolvency group BRI Ferrier as voluntary administrators.

In making the announcement Stevens Construction Directors `Steven Mailey and Jason Lewis said, “This decision comes after 18 years of dedicated service in the construction sector, having been established in 2006.”

“The construction industry has faced significant challenges since the onset of the COVID-19 pandemic. Unprecedented disruptions have led to skyrocketing building costs, reduced productivity, and critical shortages of materials and skilled labour. These factors have collectively placed immense pressure on Stevens Construction, making continued operations unsustainable.”

We are acutely aware of the distress this news will cause to all those involved—our valued staff, suppliers, subcontractors, design consultants, and principals. We want to express our profound gratitude for your unwavering support and contributions over the past 18 years. Our priority now is to work closely with the appointed administrators to explore all possible avenues for a viable way forward.

BRI Ferrier  Principals Jonathon Keenan, Andrew Cummins, and Peter Krejci will lead the voluntary administration process, conducting an urgent assessment of the company’s affairs. The primary focus will be to identify options to restructure the business or maximise returns to creditors, possibly through a sale.

Meanwhile construction on all projects has been temporarily suspended as the administrators undertake their assessment. The administrators will work closely with the Stevens Construction team to investigate the situation and provide clarity to clients, employees, sub-contractors, and suppliers.

Over the years Stevens Construction have built several iconic buildings on the Central Coast. They include; Bonython Tower and Ravello luxury apartments for John Singleton, Central Coast Grammar School’s Performing Arts Centre, Mingara One Aquatic Centre, Element Building Erina, The Rise Apartments at Wood Glen Retirement Village, Glengara Aged Care Facility and Aurrum Aged Care facility at Erina

In 2019 Stevens Construction won the Master Builders Association of NSW Commercial Builder of the Year Award.

Stevens Construction has no association with well known Central Coast property developer Stevens Group. Stevens Group sold the construction arm of the business to Mr Mailey and Mr Lewis some eighteen years ago.

Author:Edgar Adams
Tags:Business News

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