Buyers’ interest in Sharps Heavy Equipment Repairs

A MACKAY company in voluntary administration has received interest from prospective buyers.

Sharps Mackay Heavy Equipment Repairs was placed into voluntary administration on April 30, with the first creditors' meeting held yesterday.

A spokesman for the voluntary administrators said there had been some interest from prospective buyers in the business, which continued to trade.

"It was a short meeting where voluntary administrators updated creditors on their activities and investigations to date," he said.

The next meeting of creditors is scheduled for June 4.

Sharps is a mining services specialist with operations in Mackay, Dalby and Rutherford, NSW. They employ about 90 people.

According to documents lodged by the company involved in the administration process, Deloitte, Sharps contacted them on April 22.

The document read "... the company contacted us to discuss the current circumstances of the company, more specifically that the company had essentially exhausted its cash reserves and working capital facilities, while still operating at a loss".

When it was revealed the company had gone into voluntary administration, Mackay Region Chamber of Commerce chairman Tim Miles said situations like this were not that common in Mackay.

"It is obviously very disappointing. It was a very successful business over 20 years that, at its peak, had in excess of 250 staff," he said.

Mr Miles said these were tough times for businesses in the region. However, he was confident Sharps could get back on their feet.

"They can definitely trade their way out of it, they just need a lot of support to make the necessary changes in their business," he said.

Sharps managing director Graham Sharp declined to comment and directed questions to the administrators.

Topics:  business buyers mackay voluntary administration

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