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Driven by an entrepreneurial spirit and a different mindset, celebrate the firm’s 20th anniversary.
CommTel Network Solutions well-positioned for future growth and stability following sale to Genus Plus Group.
CommTel Network Solutions is an engineering business servicing large construction projects with communication solutions for mission and business critical networks. Servicing a mix of government organisations and ASX Top 200 companies across industries of utilities, mining, rail, telecommunications and public safety, the company has a workforce of 170 employees, over half being professionally qualified engineers.
In the last financial year, CommTel Network Solutions had experienced significant growth, achieving double-digit percentage growth to approximately AUD 65 million in revenue. Despite this positive performance, the company faced a cashflow crisis at the end of August 2024 due primarily to delays in major contracts, some partly due to weather events had pushed out milestones, which affected invoicing and cash inflows.
In the 12 months leading up to the appointment, the directors sought a capital partner and were advanced in a sale process but were unable to complete. Consequently, on 30 August 2024, the directors appointed Sebastian Hams and Andrew Knight of KordaMentha as Voluntary Administrators.
KordaMentha’s plan focused on stabilising the business, securing the support of key stakeholders, implementing operating controls (primarily around cash management), and conducting a swift sale process. This involved extensive communication with staff, customers, and suppliers to ensure transparency and commitment throughout the restructuring process.
The sale process commenced immediately, adhering to the statutory voluntary administration timetable. Within two weeks of appointment, we called for non-binding indicative offers (‘NBIOs’) by mid-September and final bids by the last week of September. We received strong interest from a number of parties in the form of non-binding indicative offers and final bids in the form of draft Deeds of Company Arrangement (‘DOCA’) proposals.
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