01.02.2010

Rick Stowe’s Griffin calls in administrators

Griffin Coal and several other businesses in Western Australia owned by Rick Stowe, owner of Instant UpRight, has gone into Administration with debts of between A$700 and $900 million.

Creditors called in the administrators in early January after the company defaulted on $30 million bond and tax payments. Stowe who is based in Monaco is also fighting a substantial tax bill with the Australian authorities.

The bankruptcy affects Griffin Coal and a number of linked businesses in Australia, it has also prompted to sale of some of Stowe’s real estate holdings.
Stowe owns a larger portfolio of businesses in Australia including large beef farmsl and extensive property holdings.

The main businesses affected by the administration are Stowes energy related companies. The group was building a large coal powered power station near its Collie mine, which has taken longer to complete and cost more than planned. The administrators are confident that the mine will be sold as a going concern.

Instant UpRight is owned by a separate arm of Stowe’s business empire and is not directly involved with the problems in Australia. Stowe owned UpRight powered access and Instant Scaffolds Australia from 1987. He sold Instant Scaffolds to its management in 2005 and UpRight to Tanfield in 2006.

See Griffin power station approved