Network RV has officially gone into administration.
SV Partners was appointed as joint and several voluntary administrators on June 11 of Network RV, Network Engineering and Fair Dinkum Caravans.
Established in 2014, Network RV grew from a caravan furniture and fit-out operation into a manufacturer of caravans, producing a range of Australian-made vans sold through a national dealer network.
Fair Dinkum Caravans, meanwhile, operated within the retail and dealership space, facilitating the sale and distribution of caravans and recreational vehicles to customers through dealership operations and associated support services. The business formed part of the broader Network RV group structure and customer network.
The administrators have immediately began an urgent assessment of the financial position, operations and viability of each of these companies. This review will include an assessment of the companies’ ongoing trading position, customer orders and commitments, inventory, manufacturing capability and stakeholder interests.
The administrators said in a statement that they intended to explore all available restructuring and recapitalisation opportunities with the objective of maximising returns to creditors and preserving value in the underlying businesses.
This process is expected to include seeking expressions of interest from strategic and financial investors, investigating a potential trade sale of some or all of the businesses and assets, and considering proposals for a Deed of Company Arrangement to facilitate a recapitalisation and restructuring of the companies.
