$55 million manufacturing business collapses

Manufacturer and distributor Promains is up for sale after collapsing into administration.

The Promains Group of entities manufacture and distribute PVC and other pipe, fixtures, accessories and related products.

Promains turns over $55 million a year and has locations in Victoria, New South Wales and Queensland.   

The company was founded in 2001 and its website describes it as having “over 50 years’ experience” and being “proudly 100% Australian owned and operated”.

“We know the Australian and New Zealand water, sewer, mining and infrastructure markets like no other,” the website states.

Matt Byrnes and Andrew Hewitt of Grant Thornton have been appointed as receivers and managers of Promains and placed advertisements called for “urgent expressions of interest” in the sale of the manufacturer this week.

Byrnes told SmartCompany Grant Thornton has received about 20 expressions of interest so far.

“For now it’s business as usual and we’re continuing to trade on,” he says.

“The signs [for a sale] are good and we’ve got some real interest.” 

Luke Targett and Rachel Burdett-Baker of BDO are the administrators and the first meeting of creditors will be held on 17 February 2014.

Promains’ collapse follows the recent administration of Hallam Manufacturing and engineering company Forge Group.