The recently announced sale purchase agreement between Murray & Roberts and Webuild for the acquisition of Clough, has been terminated by mutual agreement between the parties. In the absence of the sale proceeding, the board of directors of Clough have decided to place Clough and its Australian subsidiaries into voluntary administration (VA) in order to conduct a restructure of the business.
Clough’s directors have appointed Sal Algeri, Jason Tracy, David Orr and Glen Kanevsky of Deloitte as Administrators effective immediately and they now become responsible for the company’s affairs. Whilst responsibility for the management of Clough has now passed to the appointed Administrators, they will no doubt rely…