The Lloyd Group is the construction group responsible for building the Lane Cove Public School Hall. The school community was informed today (31 March 2023) that construction on the hall would be halted due to the Lloyd Group being placed into voluntary administration.
This is a massive blow to the school community as they had not had a school hall since the previous hall was destroyed by fire days before the Term One 2020 school year commenced.
The old school hall had been used for numerous activities, from assemblies, concerts, the music programme, sports and after-school activities.
Last weekend, locals lamented they could not vote at Lane Cove Public School as the new hall was still a construction site.
Lloyd Group Appointed as Contractor
School Infrastructure NSW was responsible for selecting the Lloyd Group as the contractor.
The Lloyd Group worked on the Brookvale Public School Hall, and the Lane Cove, Public School Hall, is an upscaled version of the Brookvale Public School Hall.
Project Update and Estimated Completion Date
A project update was released in February 2023, and an expected completion date was mid-2023 (see the progress update below).
Administrator Appointed
Deloitte Turnaround & Restructuring partners Sam Marsden, Sal Algeri, Jason Tracy and Tim Norman were appointed voluntary administrators on 31 March 2023.
The Urban Developer reported Deloitte Turnaround & Restructuring partner Sam Marsden said:
“In these early days, we will be undertaking an urgent assessment of the business’s financial position and project-by-project status, and immediately commence communication with project principals and stakeholders.
We will also immediately commence an accelerated sale process and hold discussions with parties that might be interested in taking on individual projects”. Read the full article on The Urban Developer here.
Lloyd Group Financials
The Director’s Report incorporated into the Lloyd Group’s consolidated accounts for the 2021/20022 financial year shows a consolidated profit of $483,270. In 2021 the group’s consolidated profit was $2 098 216.
The consolidated revenue was $275 750 404 (in 2021, it was $158 715 865).
A fully franked dividend of $500 000 was declared and paid on 30 June 2022.
The Director’s Report noted the following:
“The decrease in the Consolidated Groups Gross Margins in contrast to the group increase in revenue is due to numerous challenges across the industry, including COVID lock-down affecting project continuity, significant increase in the price of materials and extensive project delays in NSW from excessive rain.”
Employees and Contractors Impacted
Next Steps??
It could be some time before the Administrator has found someone to purchase the Lloyd Group business assets, or they may need to assign each project to a new contractor on a project-by-project basis.
“This is indeed unfortunate. Our hearts go out to hundreds of workers and their families. I will write to the new government to clarify our local situation.”
Numerous Projects Impacted
A list of the Lloyd’s Group’s current projects is not available.
ITC has found the following projects:
Mosman Council – Alan Border Oval – read Mosman Collective’s article on how the local sporting community (and the lower north shore) is impacted.
Waverly Council – restoring the Boot Factory building in Bondi Junction and Tamarama Surf Club upgrade – read more here.
Frankston Council – four projects – read more here.
Why Did the School Need a New Hall?- Background
A fire broke out in the Lane Cove Public School in January 2020. There were no suspicious circumstances.
Read more about the fire here.
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