AUSTRALIAN transport and logistics company Wettenhalls Group has been placed in voluntary administration.
The Transport Workers Union (TWU) said administrators went to the company's main regional site at Lara, southwest of Melbourne, on Friday morning.
Wayne Mader, state secretary of the union's Victorian branch, said officials had been informed on Friday afternoon Wettenhalls had been placed in the hands of BDO Chartered Accountants.
In a statement, BDO said the directors of the companies involved in Wettenhalls had appointed Luke Targett, Rachel Burdett-Baker and Dennis Turner as voluntary administrators following the withdrawal of funding.
Ferrier Hodgson has also been appointed as receivers and managers, BDO said.
Read more at news.com.au
Apparently the company will keep trading and BDO will guarantee wages to be paid from today.
A buyer for the company is now being sought.
So far Wettenhall's directors have remained tight lipped and refused to comment to the media.
Wettenhall's was started in 1925, late last year Bob Wettenhall, the company's founder passed away.
The company employs 500 people at 14 sites across the country and it's turnover is more than $130 million.