Local Directors linked to Arrow International, now in administration
The two men who founded construction giant Arrow International, Ron Anderson and Bob Foster, have extensive links to this part of the country. Today they saw their company placed in voluntary administration with doubts over how contractors and creditors will get paid. The two founded Arrow in Dunedin in 1984.
Contractors downed tools on a Wellington construction site today before the announcement was made. There have been concerns for many weeks over the financial health of the company.
Arrow built the Queenstown Airport terminal expansion and Ron Anderson is involved with the $130 million Arrowtown Lifestyle Retirement Village, a project that is classified as a Special Housing Area. Arrow also built the Forsyth Barr stadium in Dunedin.
Sir Eion Edgar wrote the introduction to a book about Arrow in 2016 in which he said it was a tale of "true grit" and referred to the two founders as "true New Zealand business iconoclasts." Ron Anderson is on the board of the NZ Winter Games.
Queenstown's new iFly skydiving simulator was built by Arrow.
It is also understood that Arrow is involved in major construction work at Millbrook near Arrowtown. The company was involved in the Remarkables ski field upgrade and the Hermitage Hotel at Mount Cook.
Arrow was controversially linked to Southern Response in the reconstruction of Christchurch after the earthquakes.
The NBR Rich List estimates Ron Anderson's wealth at $145 million and Bob Foster also at $145 million.
The Chow Brothers, who purchased Stonewood Homes after its collapse in 2016 have already been in touch with the administrators of Arrow.
A recent court decision over a leaky building case is reported to have left Arrow short of cash.
Administrators from accountancy firm BDO were appointed at2.30 pm this afternoon.
The National Business Review reports that two creditors managed to register charges against Arrow just minutes before the company was placed in voluntary administration. The ANZ bank is listed as has having a security charge over Arrow, as does Safeway Scaffolding.