The future of the Unanderra-based Wideform Group of Companies is up in the air with suggestions that a major bank lender may be pulling back support for the business.
The Australian Financial Review (AFR) today reported that the Australia and New Zealand Banking Group was believed to have sought to facilitate a process whereby the business would go into voluntary administration and a new owner would be found.
However the Wideform Group, which employs more than 750 people across NSW and Queensland, had rejected that option and the bank was now unlikely to extend further support to the business, the AFR reported.
Do you know more? Call us on 4221 2206 or email scoop@illawarramercury.com.au Wollongong businessman Fred Ferreira founded the small company as Wollongong Formwork with three employees in 1974.
The company has since expanded into building construction, development, seniors living, interior design and decorating.
Wideform has worked on major Wollongong projects including Horizon Living's Links Seaside seniors living development and Victoria Square, as well as major retail projects in Sydney including Westfield Shoppingtown Bondi Junction.
At the 2005 Integral Energy Illawarra Business Awards the Wideform Group scooped the major awards - Mr Ferreira was named Illawarra Business Person of the Year, while the Wideform Group was named Illawarra Business of the Year.
That same year Mr Ferreira also received Australia's Ethnic Business Award, while the Wideform Company has regularly been ranked on the BRW list of the top 500 privately owned companies in Australia.
The company has also pioneered Australian private investment in East Timor.
For full coverage see Tuesday's Mercury
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