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Jobs at risk

The future of 180 employees is unknown after Penrice Soda Holdings went into administration last week.

Staff were informed on Friday of the decision as administrators, McGrath Nicol took control of the assets and “urgently assessed” Penrice Group’s financial position.

Forty staff are currently at the Angaston site, which has been operating for more than 65 years.

They are the largest marble and limestone mine in the state where they extract more than 2.2 million tonnes per annum and supply a number of outlets including the Adelaide Brighton Cement plant in Angaston.

It is understood operations will continue while options are being explored for restructuring or recapitalising the company, or
undertaking a sale on a going-concern basis, if that is appropriate.

McGrath Nicol said it was too early to determine the reasons behind the failure of the Penrice Group, which consists of seven operations, but will work with key stakeholders to ensure the group’s trading continues.

Penrice chairman, Mr David Trebeck said the appointment of an administrator would allow the business to continue to trade and to achieve the necessary refinancing to continue the business turnaround.

The decision follows a rocky time for the company, who at the end of last year had interest bearing debt facilities of $117m and $35m in outstanding trade creditors.

For the full story, grab April 16 edition of The Leader.

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