Austock Group management is undertaking a detailed review of its exposure to ABC Learning Centres, following the child care group being placed into voluntary administration and receivers being appointed to the ABC Banking syndicate.
Austock’s property group of business owns childcare centre properties on long-term lease agreements to ABC. Austock has received payments from ABC and has outstanding receivables.
The company said it was not in a position to measure the potential effect of ABC being placed into voluntary administration and could not assess how it would affect its business. Austock will meet with the receiver to establish the effect of his appointment.
The receiver of the ABC said it intended to keep the child care centres open and operating smoothly during the receivership process.
