Ex-staff band together for Poolrite bid

Creditor and former General Manager of Magnapool, Alan Miller, has brought together a group of ex-staff to prepare a bid for Poolrite.

Miller says the proposal would see Poolrite Australia Pty Ltd continue in a restructured format.

“We already have backers who are prepared to invest substantial funds,” he says.

“The group is currently in discussions with the appointed administrator SV Partners to develop a strategy which will have benefits for all concerned stakeholders including creditors, suppliers and former employees,” Miller says.

“Given the unfortunate position that Poolrite is currently in, the group is sympathetic towards all those involved and believes they have the expertise and support to ensure that the iconic brand remains in the industry.”

Miller says there are some parties very interested in certain aspects of the Poolrite business, and there needs to be a lot of consideration taken as to the structure of any continuing business model.

“Should the proposal be successful however, there will be substantial opportunities for suppliers and former employees to be considered to progress the business forward,” he says.

Miller says the group is open to enquiries from interested parties and advises that discussions about the future of the business will be directed through the appointed administrator to deliver the best possible outcome for all stakeholders.

Any enquiries can be directed to Alan Miller at thenewpoolrite@gmail.com.

Miller doesn’t want to disclose too much information about the proposal at this delicate stage of negotiations, but will provide more details once he is able.

SPLASH! will update this story when more information becomes available.