Inventis Properties Pty Ltd, Inventis HR Services Pty Ltd, Workstations Pty Ltd, Bassett Furniture Pty Ltd and Gregory Commercial Furniture Pty Limited - Voluntary Administration

Inventis Properties Pty Ltd, Inventis HR Services Pty Ltd, Workstations Pty Ltd, Bassett Furniture Pty Ltd and Gregory Commercial Furniture Pty Limited, entities making up the commercial furniture division of ASX-listed technology company Inventis Limited (ASX:IVT), have been placed into voluntary administration by their parent company. 

Inventis established its commercial furniture division in 1987 and saw it double in size in 2007 with a key acquisition.

Earlier this year, the company revealed that the division was experiencing challenges due to unstable market conditions, highly publicised building industry collapses, a reduction in construction and development projects, Federal Government elections and the related tender evaluation pauses, subdued trading and project delays.

Simon Cathro and Andrew Blundell of Cathro & Partners were appointed voluntary administrators on 20 June.

The securities of parent company Inventis Limited are currently suspended due to ongoing enquiries regarding its compliance with Listing Rule 12.2.

The technology and defence related businesses are not impacted by the voluntary administration, but the decision to place the furniture division into voluntary administration constitutes a default under Inventis’s funding agreement with the THN Group. Inventis has reportedly been working to remedy the default with the THN Group.