About
Primary Sales Australia

BUST TIMES

When one of Fabcast's joint owners (external to the business) suffered a major setback in another area of business involvement, growth funds immediately ceased and so did access to some of the major seasonal requirements for working capital. This placed the now extensive operations in an invidious position and it was decided to protect all the interests involved by placing Fabcast's operations in the hands of a “friendly” receiver/manager while re-structuring options were considered.

It took the best part of 18 months to trade through these restrictive times with committed staff working on reduced pay levels and long hours which often included weekends, in order to finally bring Fabcast through to solvency again.

That done, the original management team (which came from the agricultural products division) was advised by the Board that Fabcast would now be broken up and sold off as separate businesses.

As disappointing as this was to hear, after all the efforts made to keep Fabcast intact, the management team resolved to try and secure a management buy-out of the agricultural products division preserve that section of the business for which their combined expertise was ideally suited.

Next: Beginnings