Tuesday 29 July 2008: The Receivers and Managers of Beechwood Homes, Chris Campbell and David Lombe from the Deloitte Corporate Reorganisation Group, have signed an agreement to sell Beechwood Homes as a going concern to Resibuildco Pty Ltd for an undisclosed amount.

“Achieving a successful sale of the business as a going concern is the best possible outcome for homeowners, suppliers, tradespeople and employees, so we are pleased with this result,” says Mr Campbell.

The purchase also includes the ownership of the intellectual property of Beechwood Homes. “The sale will allow for the value of the security deposits paid by homeowners to be retained, and for discussions to commence with the new owners regarding the appropriate next steps toward construction,” says Mr Campbell.

Resibuildco Pty Ltd will be partially funded by the Cavasinni family group and the long standing, family owned construction business, Cavasinni Constructions. Mr Cavasinni, Director and new owner of Beechwood Homes, says, “We were drawn to the business because this transaction builds upon the core strengths of the Cavasinni Constructions family business. The purchase is a logical step towards expansion.”

Resibuildco will continue to trade as Beechwood Homes. The agreement includes all assets of the company including existing land, buildings, contracts, intellectual property and copyright.

“We have and will continue to work closely with the Office of Fair Trading and the insurers Vero to work through the needs of individual homeowners and complete their homes,” he says.

The Receivers say that the successful outcome has been due to the significant support of several key parties, particularly the Office of Fair Trading, Vero and Bankwest. Mr Campbell noted that Bankwest provided trading support to enable the receivership to deliver the best possible outcome.

Mr Campbell also thanked the employees and homeowners for their continued patience throughout the process. “It has been a difficult time for many homeowners and employees, and their continued patience has been appreciated,” he says.

For further information for clients and creditors: 
Please direct to the respective company offices.
Head office Tel: +61 (0) 2 9602 0999
Email: beechwoodhomes@deloitte.com.au