Cor Cordis appointed Voluntary Administrators of Mahercorp Group

Cor Cordis appointed Voluntary Administrators of Mahercorp Group

The appointment is limited to Mahercorp Pty Ltd and House & Land World Pty Ltd. Other entities in the group are not subject to the appointment of Voluntary Administrators.

Mahercorp includes:

• Urbanedge Homes
• Eight Homes

Jeremy Nipps, Barry Wight, and Rachel Burdett of restructuring advisory firm Cor Cordis have been appointed Voluntary Administrators for Mahercorp Pty Ltd and House & Land World Pty Ltd on Friday 21 April 2023.

Founded in 2002 by Steve Maher, Mahercorp had a vision to put the heart and soul back into building homes in Victoria and had grown to represent two award-winning brands – Urbanedge Homes and Eight Homes.  This week Mahercorp determined that it was or would shortly become insolvent due to a significant supply chain issue and made the decision to appoint Voluntary Administrators to restructure the business and return it to profitability.

Through the voluntary administration process Cor Cordis will pause construction works whilst they urgently assess the business operations and explore all options to restructure or recapitalise the businesses, including through a deed of company arrangement.

“We’ve commenced an urgent review of Mahercorp’s financial position and have held preliminary discussions with senior management regarding a proposal to restructure the business.  We’ve set up a direct phone line and email address for customers, employees, and creditors.  We will be providing regular updates to all stakeholders as we work through the voluntary administration process”, said the Administrators.

‍

Media enquiries

Lidia Bufalino, National Marketing Director, lbufalino@corcordis.com.au

‍

Stakeholder questions

For further information in relation to the external administrations of the Mahercorp Group or its subsidiaries, or the information set out above, the contact details of the Administrators are set below:

Email: mahercorp@corcordis.com.au‍

Phone: 03 8320 5656

‍

Customer update (24 May 2023)

‍

Customer update (28 April 2023)

‍

Information for media

Updated statement from Cor Cordis regarding Mahercorp Pty Ltd (04 May 2023)

Stakeholders support proposed DOCA

‍