Construction veteran Harry Xydas has created a new holding company to own Doric and its sister company Jaxon, after he moved to full ownership of both businesses.
Construction veteran Harry Xydas has created a new holding company to own Doric and its sister company Jaxon, after he moved to full ownership of both businesses.
Doric was previously part-owned by Mr Xydas and one other shareholder, with Mr Xydas controlling 100 per cent of Jaxon.
Both groups will now be backed by Doric Jaxon Consolidated Group (DJC) and Doric chief executive Vince Mulholland said the two entities would continue to operate and bid for contracts separately.
Mr Mulholland said the back of house of Doric and Jaxon had already been combined at the start of the financial year, in order to streamline the group.
“We joined together because the shareholders of both entities are now identical and as a result both entities enjoy the financial strength that each brings to the table,” Mr Mulholland said.
“It strengthens the business and puts us in the best possible position going forward.
“It ensures Doric is stable in these challenging times in the industry.”
Doric stated that it continued to operate without the need for any outside finance and that DJC allowed both entities to draw on the strengths of the other.
DJC says it is now well equipped for the current market challenges, with security of payment being a major issue facing the sector following the wind-down of one of the state’s most prominent builders, Cooper & Oxley Builders, in February.
Doric’s announcement also comes at a time when the state government is currently reviewing the security of payments for local sub-contractors, with reports of sub-contractors being paid late or sometimes not at all.
“We are proud of our reputation in terms of paying our sub-contractors, and we have in fact, worked closely with a number of them to ensure they remain viable,” Mr Mulholland said.
“We have a policy that we pay in 30-35 days. There are others that pay between 40 and 45 days.
“We pay on 30-35 days because it promotes trust and loyalty in our subcontractors. We are proud of our relationship with them.”
Doric is ranked fifth on the BNiQ Search Engine’s list of the state’s construction companies and recently completed works for Yagan Square.
“We are proud to have been involved in what is now a pivotal piece of infrastructure for the State and our ability to deliver it, despite the current climate, shows our strength as a business and is in line with our reputation,” Mr Mulholland said.
“It has been a challenging time for all in the industry, and we are well positioned to see positive results in the future.”
Jaxon is ranked 12thon BNiQ and is currently working on the $80 million 27-storey Mantra hotel on Hay Street.
DJC said it would continue 2018 with great optimism given its strong relationship with stakeholders, carefully considered projects and the strength of its workbook.
