Metricon denies solvency issue as it prepares for government talks after founder Mario Biasin’s death

“Mario was much loved and admired and his loss was felt by many members of the Metricon family. No one foresees these things,” Langfelder said.

“I ask for our customers’ patience and consideration as our leaders and staff deal with their loss. As you can imagine, it may take us a little longer to manage requests.

A state government spokeswoman confirmed that Metricon requested a meeting earlier this week. She said Metricon did not seek a bailout, but said the company was under financial pressure.

Sources familiar with Metricon’s financial situation said the group had not yet engaged in any dialogue with insolvency specialists.

The Commonwealth Bank generally prefers for its clients in difficulty to work with the consultancy firm KordaMentha in the event of administration. A bank spokesperson declined to comment.

Industry sources said Metricon was looking to buy out contracts from customers that were made before the cost of goods, labor and materials skyrocketed due to inflationary pressures and market constraints. supply chain.

They said there was hope the company would be able to renegotiate larger contracts to reflect the significant increase in costs.

Inflation and supply chain issues have hit the construction industry particularly hard. One of the country’s biggest construction companies, Probuild, appointed administrators earlier this year after it collapsed.

Biasin says age in December, that global supply chain blockages extended the time needed to build a 200 square meter single-storey house by a month. He said he had never seen such a situation in nearly 50 years in the industry.

Rebecca Casson, managing director of Master Builders Victoria, said Biasin was an exceptionally strong advocate for the industry.

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“During the pandemic, Metricon has been a key supporter of MBV’s COVID-19 advocacy campaigns to ensure Victoria’s building and construction industry remains safe and open for business, safeguarding hundreds of thousands jobs.

“Mario’s passing leaves a huge void in our industry, and he will be greatly missed by Master Builders Victoria,” said Casson.

She cautioned against creating a “rumor story” about Metricon’s future and urged customers and suppliers to stand together as they “navigate these unprecedented challenges”.

Graham Wolfe, chief executive of the Housing Industry Association, described Biasin as a “true gentleman.”

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