Basil Read, the construction group that slid into business rescue in mid-2018, said on Wednesday that its survival depends largely on it receiving more short-term funding. The company’s business rescue practitioners saw “reasonable” prospects of success, “provided that the requested bridge finance is obtained without delay”. Business rescue proceedings are aimed at rehabilitating financially distressed companies. In 2018, Basil Read succumbed to a construction market that has been starved of major infrastructure projects. The downturn has taken its toll on listed companies in the sector, some of which have already gone out of business.

PODCAST: How the construction industry contributed to its own demise.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now