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BREAKING NEWS: Struggling Group Five files for business rescue

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Group Five and peers including Basil Read and Erbacon have succumbed to a depressed construction market in which major projects have failed to materialise

Group Five has filed for business rescue. Picture: MARIANNE SCHWANKHART

The contractor and a number of its peers, including Basil Read and Erbacon, have succumbed to a depressed construction market in which major projects have failed to materialise owing to the state’s strained finances. The contractor, which was given bridge funding worth R650m from a consortium of lenders in April 2018, said its financial constraints had worsened after lenders called on guarantees relating to its disastrous Kpone power-plant project in Ghana.

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Group5 go speak to Edgars..

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