Mainzeal

Mainzeal Property & Construction
Private company
Industry Construction
Founded 1968
Headquarters Auckland, New Zealand
Area served
 New Zealand
Services Construction
Number of employees
 400+
Parent Richina Global Real Estate
Divisions Construction, Interiors, Project Definition, Infrastructure, Facilities Management, Living
Website www.mainzeal.com

Mainzeal Property and Construction Ltd was one of the leading New Zealand property and construction companies[1] until being placed into receivership on 6 February 2013 and then being placed into liquidation on 28 February 2013.[2] According to its website, Mainzeal has been involved in delivering $7.5 billion of construction projects across New Zealand and employs 400+ people.[3] It is held by Richina Global Real Estate which is part of Richina Inc, an independent and closely held New Zealand-headquartered Asia Pacific holding company.[4]

History

Mainzeal managed the demolition of the Clarendon Tower in Christchurch

It was founded in 1968 as a branch of Mainline Corporation Ltd, an Australian company to develop 7 acres (28,000 m2) of harbour-front land in downtown Auckland, New Zealand as part of Mainline-Dillingham-Fletcher. Mainline Contractors Pty Ltd was established from this base and in 1969, became Mainline Corporation of New Zealand, a publicly listed New Zealand company, adopting the name Mainzeal Corporation Ltd in 1975.

The Richina holding company was created when Mainzeal acquired a New Zealand leather business (since sold) and in 1996 it changed its name to Richina Pacific (retaining the Mainzeal name for its construction unit) and started investing in China, where its owners saw major business opportunities.[5] Richina Pacific delisted from NZX in January 2009.[6]

In 2006 Mainzeal experienced some financial setbacks, posting large losses associated mainly with the 'Scene One', 'Scene Two' and 'Scene Three' apartment developments in the Auckland CBD and the close-by 12,200-seat Vector Arena in Quay Park.[7] However, the losses on these projects were recovered, with Mainzeal's pre-tax earnings reaching US$1.6 million surplus compared to US$2.8 million loss in the previous year.[8]

Following the Christchurch earthquake, 2010 Vero appointed the MWH Mainzeal joint venture as their preferred partner in their efforts to rebuild Canterbury.[9]

In 2011 Mainzeal expanded its services to include facilities management and they entered the residential market with a division called Mainzeal Living.[10]

On 6 February 2013 Mainzeal Property and Construction went into receivership, leaving workers and subcontractors locked out of worksites.[11][12]

On 13 February 2013 receivers took control of Vic 200 Ltd, the company which owns Mainzeal's head office building in central Auckland. In the same week another Richina owned company, King Facade Ltd, went into voluntary liquidation.[13]

On 28 February 2013 Mainzeal Property & Construction Ltd and further companies in the group were placed into liquidation - making a total of twelve companies in liquidation. The companies now under the control of the liquidators are; Mainzeal Group, Mainzeal Property and Construction, Mainzeal Living, 200 Vic, Building Futures Group Holding, Building Futures Group, Mainzeal Residential, Mainzeal Construction, Mainzeal, Mainzeal Construction SI, MPC NZ, RGRE.[14]

By April 14, the company had only 14 staff left, down from around 500.[15]

Major projects

References

Wikimedia Commons has media related to Mainzeal.
  1. ↑ Gibson, Anne (6 March 2006). "Red ink reins in builder Mainzeal". The New Zealand Herald. Retrieved 19 October 2011.
  2. ↑ http://www.insolvencywatch.co.nz/mainzeal-property-and-construction-limited-2/
  3. ↑ Mainzeal (from the Mainzeal website). Retrieved 16 January 2012.
  4. ↑ About Us (from the Richina website). Retrieved 16 January 2012.
  5. ↑ Niesche, Christopher (6 March 2006). "Christopher Niesche: Being all over the place is normal for Richina Pacific". The New Zealand Herald. Retrieved 19 October 2011.
  6. ↑ Gaynor, Brian (3 April 2010). "Directors need a message to cough up". The New Zealand Herald. Retrieved 13 January 2012.
  7. ↑ Gibson, Anne (2 March 2006). "Mainzeal takes loss on major projects". The New Zealand Herald. Retrieved 19 October 2011.
  8. ↑ NZPA (30 August 2006). "Richina gains 15pc after Mainzeal recovery". The New Zealand Herald. Retrieved 19 October 2011.
  9. ↑ Frances, Helen (16 November 2011). "Quake city needs army of rebuilders". The New Zealand Herald. Retrieved 13 January 2012.
  10. ↑ Horan, Noel (December 2011). "Residential Building with Mainzeal Living". Mainsite Magazine. Retrieved 13 January 2012.
  11. ↑ "Mainzeal enters receivership". Stuff. 6 February 2013. Retrieved 6 February 2013. "Mainzeal goes into receivership". The New Zealand Herald. 6 February 2013. Retrieved 6 February 2013.
  12. ↑ http://www.stuff.co.nz/business/industries/8273870/Mainzeal-subcontractors-locked-out
  13. ↑ http://www.stuff.co.nz/sunday-star-times/business/latest-business/8310601/Mainzeal-collapse-creates-aftershocks
  14. ↑ http://www.stuff.co.nz/business/industries/8389738/Mainzeal-liquidators-delay-first-report
  15. ↑ "Just 14 workers left at Mainzeal". 3 News NZ. April 9, 2013.
  16. ↑ NZPA (9 November 2010). "F&P chooses Mainzeal". The New Zealand Herald. Retrieved 12 January 2012.
  17. ↑ Fairfax NZ News; Stuff website (1 January 2009). "Mainzeal wins contract for $250m brewery". Fairfax New Zealand. Retrieved 12 January 2012.
  18. ↑ "Hospital contract to Mainzeal". The New Zealand Herald. 10 November 2009. Retrieved 12 January 2012.
  19. ↑ NZPA (20 December 2010). "NZDF give $30m contract to expand Ohakea base". The New Zealand Herald. Retrieved 12 January 2012.
  20. ↑ Burgess, Dave & Newton, Kate (24 November 2009). "$4m cut in Kilbirnie sports centre bill". The Dominion Post. Retrieved 12 January 2012.
  21. ↑ Transpower website (11 August 2011). "HVDC Pole 3 Project Wins Two Safety Awards". Retrieved 12 January 2012.
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