Ballarat-based Langdon Building has gone into voluntary administration.
The company builds homes in Ballarat, Geelong, Bendigo and Melbourne’s north and west, with its head office located in Alfredton.
In a letter to customers by managing director Shane Langdon, the company will re-structure its business and financial position, with work on properties pausing for six weeks.
He’s stressed the company is not in liquidation and has not collapsed.
Mr. Langdon says in more than 30 years in the industry, he’s never experienced the extreme economic challenges builders have faced in the last two years, noting material and labor shortages, bad weather, interest rate increases, rising insurance costs and the impacts of COVID.
The newsroom has reached out to Langdon Building for comment.