Pool equipment manufacturer Poolrite has slipped into administration after almost 34 years of doing business in Australia.
SV Partners have now been appointed to the company, and they’re calling for expressions of interest for the business, which they say holds a number of patents and trademarks.
Poolrite was founded by Peter Wolpert in the western suburbs of Sydney in 1978, and turned over $20 million in 2012.
Since its inception the company has changed hands a number of times, and was relocated to Brisbane in 1999 after being bought by the Palmer Group.
On its website Poolrite claims to be one of the country’s biggest manufacturers of pool and spa equipment, and says it’s introduced a number of new technologies related to filtration, pumping, and chlorination.
The collapse is the latest indicator of the difficult trading conditions facing manufacturers in all industry segments.
Today news also emerged Queensland-based mining manufacturer CQMS Razer would be closing its doors over Christmas in an effort to stem losses.