Industry News

The Poolrite timeline

August 4, 2013

Timeline of the long running story of Poolrite’s rise, collapse and eventual sale.

1978
Poolrite founded by Peter Wolpert in western Sydney
1993
Becomes part of the listed company GWA Group, along with Caroma, Sebel and Rover
1999
Poolrite purchased by Ross Palmer’s Palmer Group from GWA
2002
Relocates manufacturing to Brisbane
2006
Palmer becomes more actively involved in running the company
2009
Magnapool launched in Australia
2010
Magnapool launched into Europe, head office set up near Lyon
July 2012
Palmer calls for investment in Poolrite
October 2012
Poolrite licenses manufacturing rights to Evolve
October 2012
Voluntary administrators called in: staff upset they hadn’t been paid
October 2012
Ex-staff band together to put in an unsuccessful bid for Poolrite
December 2012
A manufacturer – widely thought to be AstralPool Australia – seems likely to buy Poolrite
January 2013
Administrators confirm interest from a manufacturer
February 2013
DOCA proposed by Evolve
March 2013
Poolrite liquidated, DOCA offer rejected by creditors in favour of AstralPool bid
June 2013
AstralPool pulls out, citing devaluation of Poolrite caused by purchase delays
July 2013
Evolve signs contract with 21 day settlement period
July 2013
Administrators become aware of 2012 contract granting IP to Aquarius
July 2013
Creditor committee rejects Palmer offer of IP and $100K in exchange for administrator’s indemnity
July 2013
Administrators granted leave by Supreme Court to compromise debts and accept offer
August 2013
Evolve settles and finally purchases Poolrite, announcing part divestment to Zodiac and Allchlor

 

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