Home builder Stellar Homes has collapsed leaving many South Australian home owners with half-built homes.
Administrators were appointed to Stellar Homes last week and the business’ 20 staff were advised of the collapse.
Peter Macks of Macks Advisory is the joint administrator of Stellar Homes and told SmartCompany there is stiff competition for work in the residential construction sector.
“It’s basically the difficult economic climate in South Australia for builders,” he says.
“It came down to a fall in sales which then resulted in a cash flow crisis.”
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Cara Waters is a former SmartCompany editor. Previously, Cara was a senior reporter for the Financial Times’ website and worked for The Sunday Times in London.
