Tomcar in administration

Off-road all-terrain vehicle manufacturer Tomcar Australia has gone into voluntary administration.

The bustling local manufacturing business which made $1.55 million in revenue  in financial year 2017 has halted operations because of an investor backing out and rising legal costs.

According to a statement investigations have commenced by administrator Jirsch Sutherland to establish selling the Oakleigh business with what assets are available, Manufacturing
Monthly reports.

Tomcar Australia director David Brim says it’s a heavy blow.

“We have had to close our doors because of a group of hostile investors who tried to take over the company from us,” he says, “A devastating turn of events.”

“We recently had an overseas investor about to come on board but at the last minute they backed out, leaving us with escalating legal fees and product costs, which simply pushed us over the edge,” Brim continues.

A creditors’ meeting is expecting in coming months, Brim thanking the company’s supporters and five staff.
“We want to thank everyone who supported our dream over the years and helped us along the way,” he says.
“We’ve tried our best but couldn’t quite get there. It has been an incredible journey.”

Tomcar Australia began in 2005 and has since received several accolades including working on a $100,000 CSIRO (Commonwealth Scientific and

Industrial Research Organisation) feasibility project to develop its vehicles with electric drivetrains. The company also won a 2017 AusIndustry Innovation Award, after which Brim paid tribute to his small team.

The company posted on LinkedIn in November it was expecting to open a Brisbane workshop in January.

Tomcar vehicles are hand-built using over 200 pieces of steel in two or four-seat variants, and covered by a three-year warranty, with mining, agriculture and military applications in off-road environments.

Main image: Triple M Truck Bodies/Facebook