Rockhampton home builder’s licence suspended
ONE of Rockhampton's largest home builders has had its licence suspended by the Queensland Building and Construction Commission.
Ted Price Homes' manager Adrian Price told The Morning Bulletin last month the company had a cash flow problem but he was confident the tough times would pass.
As he left his High St premises yesterday, Ted Price confirmed he had closed his business in "a sign of the times".
A search of the QBCC website showed the company's licence was suspended on August 21 for failure to satisfy financial requirements and failure to comply with an audit on August 25.
Ted Price Homes has operated in Rockhampton, Gracemere and the Capricorn Coast for 40 years. Since 2001 the company has done 1156 jobs with a value of almost $235.3 million.
From 2009-2013 the company did over 100 jobs a year, peaking at 157 in 2011/12, but that figure dropped to only 23 in the last financial year.
A spokesman for QBCC said the company did not meet the financial requirements for a licence.
He said those homes built by Ted Price Homes were still covered by home warranty insurance, which provided cover in the case of a builder going bankrupt.
It is understood a number of contractors are still owed money.
Master Builders' CQ regional manager Dennis Bryant said when there was a general downturn in construction, businesses needed to act quickly to manage cash flow.
"The CQ region weathered the GFC pretty well with infrastructure projects under construction… but coming out of that, and a drop in employment in coal and gas means confidence and investment is down," he said.
"It's tight times for everyone… things are improving, but it's slow."