Receivers fast tracking due diligence processDOWNLOAD
Karina Randall (media enquiries only)
Media & Communications
+61 (0) 414 823 712
Monday June 2nd 2008 – The Receivers and Managers of Beechwood Homes, Chris Campbell and David Lombe have told Beechwood Home homeowners this week by letter that they have received significant interest in the sale of the business, are fast tracking the due diligence process and are pursuing some short-term work towards completion on a small number of homes.
“We are pleased to report that there has been significant interest registered in the business,” says Mr Campbell. “Based on the interest that we have received to date, we remain confident that a sale of the Beechwood Homes businesses and assets will be achieved.”
However, as potential buyers have only just commenced due diligence, this is now a key priority for the Receivers.
“While due diligence for a business of this size would normally take up to six to eight weeks, we are endeavouring to fast track the process by reducing this to three or four weeks,” he says. “In order to achieve this shortened timeframe we intend to apply the necessary resources to deal with the due diligence enquiries of the interested parties.”
The Receivers are well aware that time is of the essence for homeowners.
“We are intently aware of the current plight and disappointment of many homeowners. To secure the sale of the business is the best possible outcome for all stakeholders but this must be worked through in a logical and complete way,” Mr Lombe says.
He believes that the best option available to homeowners is to allow homes to be built in accordance with the Beechwood design and their individual contracts.
A sale of the companies’ businesses and assets includes the homes that are partially complete.
“We expect that the purchaser of the business will take steps to complete these homes, either through an assignment of the contracts or by a licensing arrangement.”
Ongoing warranties and warranty issues have been raised by some home owners.
All creditor and home owner inquiries:
Beechwood Homes Receivers: (02) 9602 0999
Office of Fair Trading: 133 220
Vero Insurance: 1800 554 255