Case Studies
Issue No. 32 - December/January
New and Improved Cowell Electric
The turn of the millennium was the best of times and the worst of times for Cowell Electric Supply Ltd entrepreneur, Sue Chase.
A vastly experienced business woman who had just been inducted into the Australian Businesswomen’s Hall of Fame and served on the SA Small Business Advisory Council, her employer of 23 years was about to go through the hoop.
Cowell Electric Supply Co Ltd, then a public unlisted company, went into voluntary administration in late 2000, then liquidation. The liquidators closed branches in NT, WA and Qld after unsuccessfully advertising the 72-year-old business for sale. — with potentially fatal consequences for local employment.
“I tried to negotiate a deed of company arrangement for the company’s remaining business in SA, but was unable to get bank funding, support from shareholders and creditor support,” Sue says.
Liquidator, Bruce Carter suggested making an offer to buy the SA business (not the company) with new shareholders and no contractual risks from the past. With help and support from three experienced business people, Cowell Electric Supply Pty Ltd was created as a private company, preserving an important regional business and its precious jobs.
Notably, it also provides a competitive, regional alternative in the power line construction industry where “services exceed customer’s needs and expectations” Sue says.
Sue started with Cowell Electric in 1978 as a clerical officer and computer operator.
“Over the next 23 years I held various positions, ranging from administration manager, company secretary, joint general manager, general manager, managing director,” she recalls.
Ferrier Hodgson appointed her CEO while the company was in strife.
She was well equipped to turn the moribund company around. As well as many business academic qualifications she has senior status in the Australian Institute of Management, the National Institute of Accountants...
