Australian architecture firm, Woodhead has now gone into liquidation, just one day after its takeover by GHD.
Last week Architecture & Design reported the news that Australian engineering consultancy, GHD was set to finalise its acquisition of the Adelaide architecture firm, Woodhead.
The acquisition of Woodhead by GHD was publicly announced on Wednesday but it was joined by an almost simultaneous announcement of Woodhead’s liquidation.
A press release from GHD on Thursday morning commented only on the firm’s acquisition. The company emphasised the benefits of consolidation in today’s market and that the merger would be a natural extension of a long-standing history of collaboration..
“We are delighted to welcome Woodhead people to the GHD family,” Phil Duthie, GHD’s General Manager for Australia and New Zealand said.
Angelo Di Marco, Managing Director of Woodhead was also optimistic.
“The union reinforces a shared vision that design is a collaborative and integrated process, at its heart. The union enriches the firm’s long history in the delivery of complex global projects” he said.
The liquidation comes despite positive reports in the Financial Review showing that Woodhead business activities had been effective in turning around profitibaility.
The announcement of the liquidation has reportedly left some former Woodhead employees uneasy about their futures.
One-third of Woodhead’s 22 employees firm were made redundant on Wednesday and the liquidation news has caused some employees to question whether they will be paid their redundancies.
“They’re supposed to pay out redundancies,” one former Woodhead employee said. “But all assets of the company are frozen. I think there’s going to be a lot of bad blood.”
