$2m collapse: Building industry supplier in liquidation
A BUILDING supplies company which traded successfully in Townsville for 30 years has collapsed into liquidation with debts of close to $2 million.
Robert Humphreys and Moira Carter of BRI Ferrier were appointed liquidators to Nu-Lite Glass & Aluminium on April 27 and convened the first creditors meeting in Townsville this week. Mr Humphreys said the company suffered from a downturn in work as well as increased competition in the industry.
"The economic conditions in Townsville, coupled with an increase in competition, significantly impacted the company's revenue over the past several years," Mr Humphreys said.
"The directors have been putting their own resources into the company over a period but they weren't able to continue."
The family-owned company has been active throughout North Queensland in the domestic and commercial sectors, supplying glass and aluminium doors, windows, shower screens, wardrobes, mirrors and security screens.