Australian caravan maker falls into liquidation

An Australian caravan company has fallen into liquidation after almost 10 years in business.

Maverick Campers, which traded under the company Fetch Business Solutions Pty Ltd, appointed Yulia Petrenko and Malcolm Howell of Jirsch Sutherland as joint liquidators on Thursday.

The company has showrooms in Adelaide, Brisbane, Perth and Melbourne.

Liquidators said the company’s liabilities appear to exceed $6 million, based on currently available books and records.

Petrenko said the figure remains subject to verification as part of the liquidation process, including the assessment of creditor claims and the company’s asset position.

“It is still very early in the liquidation and there is a significant amount of work to be done before we have a complete picture,” she said.

“Our immediate focus is on affected customers and creditors and identifying the best way to preserve value and maximise recoveries.”

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Liquidators have also taken possession of the company’s stock.

“With limited stock available, there was very little capacity for the business to continue normal trading or fulfil existing customer orders,” Petrenko said.

Maverick Campers founder and CEO Matt Winen told customers of the news on social media on Friday.

“We all know that the financial problems that Australia is having, the world is having,” Winen said.

“Oil prices, fuel prices, every expense in our household is going up, it’s an unfortunate part about the Australian economy right now.

“That had a roll on effect to every business, not just the caravan industry.

“Maverick Campers have been bucking a lot of the trend, we know a lot of other campers are measuring significant downturns.

“We have been ups and downs like any business, but generally, we feel we have bucking the trend with some of that stuff.“

The company is the latest in a string of caravan sellers to experience challenges.

Caravan maker Australian Off Road entered administration after 26 years in September this year.

Australian Off Road said Chinese imports, competitors copying its products and lower manufacturing costs in other parts of Australia had made it increasingly difficult to compete on price.

“The caravan industry is a good example of the pressures facing businesses that have significant capital tied up in stock,” Petrenko said.

“Manufacturers and dealers are dealing with higher operating and finance costs, with recent interest rate rises adding further pressure.

“At the same time, consumers are becoming more cautious and taking longer to commit to significant discretionary purchases. 

“For businesses carrying substantial stock and work-in-progress, even a relatively modest slowdown in sales can quickly translate into cash-flow pressure.

“We’ve seen a number of caravan businesses nationally experience financial difficulty, which reflects some of the broader challenges facing the sector.”

Liquidator Malcolm Howell said the pressures were not confined to one business.

“We’re seeing similar issues emerge across the caravan sector, particularly where businesses are carrying significant amount of stock while facing higher finance and operating costs,” he said.

“Canterbury Caravans was a recent matter we handled - and the scenario was similar.

“While the circumstances of every business are different, it’s another example of the financial pressures being felt across parts of the sector.”