Stonewood Homes building resumes, but more liquidations loom
Construction has begun again on Christchurch Stonewood Homes properties, as two other regional franchises go into liquidation.
Christchurch-based Stonewood Homes New Zealand Limited went into receivership in February leaving 196 building contracts unfinished.
The assets, which also included Sterling Homes Limited (Christchurch), were bought by corporate finance specialist Clint Webber and property magnates the Chow brothers.
The good news comes as the Stonewood Homes Blenheim and Stonewood Homes New Plymouth franchises announced they're in liquidation.
Mr Webber and the Chow brothers severed ties from the New Plymouth and Blenheim franchises last week. Both are run by Brent Mettrick, with Bryan Williams being appointed the liquidator.
Clint Webber, John Chow and Michael Chow (supplied).
Mr Webber was at a Stonewood Homes property in Christchurch today to see work get underway.
"It's quite humbling," he says.
"We've had to work through a number of issues but everyone we've dealt with has been brilliant."
Fifty staff members have worked to get customers back on the building track, he says, and have already received two payments under the new owners.
Twenty-two national and local suppliers have signed supply agreements on top of 90 local builders and tradies who have signed on to the company as well.
Homeowner Mirren Harvey says she's excited to see work finally resume on her home.
"It feels so good to be able to see how things are going end up," she says.
Ms Harvey has a 12-week-old baby and had been hoping to be in the house before he was born. Learning the company was in receivership was "heart-breaking", she says.
"It's a real dream of ours to be able to build our own home and for that to go downhill [was] really sad."
Now construction has begun again she says she can look forward to the future.
"Being able to give our little one his first home, his first bedroom, it's really, really exciting."
Mr Webber says 75 houses are underway and the remainder will be done in the next week. Customers have been advised of their completion dates.
"Our customers are happy and that was our major desire," he says.