Slump hits Bucccaneer

AFTER 33 years, Belmont-based pool manufacturer Buccaneer Pools could leave the Borrello family’s ownership.

The award winning pool manufacturer, started by Peter Borrello in 1968, has fallen on hard times and appointed an administrator late last month.

That administrator, Featherby Reilly partner Mark Reilly, said he had two parties interested in purchasing the business and expected to have the sale completed within the next few days.

One interested party is Aqua Technics managing director Lew Beale.

Aqua Technics bought Sapphire Pools three years ago.

Mr Beale said his company was looking into Buccaneer to see if it was viable.

He said the pool market was definitely down at the moment but showing signs of picking up.

“We’ve seen greater movements through our display centres over the past two weekends,” Mr Beale said.

“WA tends to respond very quickly to market trends – often quicker than the rest of Australia.”

Mr Reilly said Buccaneer Pools had developed liquidity problems after receiving very poor sales in January.

“They have very good February and March orders,” he said.

Mr Reilly said it was unlikely the GST had been a factor in the company’s down fall. He thinks the economic downturn is a more likely cause.

“Pools are luxury goods and people are a bit cautious at the moment,” Mr Reilly said.

Buccaneer joins a string of insolvencies and receiverships that have appeared around WA.

Insolvency experts and economists believe these insolvencies are the result of an economic downturn, the GST, the weak Australian dollar and poor management.