EDITORIAL: Builders bite the dust
Group Five, a 45-year-old company, which built such landmarks as Durban’s Moses Mabhida Stadium, now joins other industry stalwarts in business rescue, including Basil Read and Esor
14 March 2019 - 05:00
News that construction company Group Five has applied for business rescue is a stark reminder of how vulnerable SA’s building industry has been for some time. The 45-year-old company, which built such landmarks as Durban’s Moses Mabhida Stadium, now joins other industry stalwarts in business rescue, including Basil Read and Esor. Technically, Group Five could still be rescued. But the statistic that only 10% of companies which go into business rescue ever come back to trade again should be cause for concern.
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