A significant construction firm has entered voluntary administration with more than 650 positions now under threat. Kwikform, the Australian division of Waco International, ranks amongst the nation's largest scaffolding and formwork suppliers.

Approximately 10 entities connected to Kwikform entered voluntary administration on Monday and Tuesday. The Sydney-headquartered group operated under the names Waco Kwikform, Star Scaffolds and United Scaffolding Group and maintains operations across 23 sites in Australia and New Zealand.

Announcing the move this week, management indicated they were compelled by broader market pressures.

Administrators from McGrathNicol have been engaged to oversee the proceedings, with the businesses continuing operations while alternatives are assessed. Damien Pasfield, Melissa Smith, Kare Johnstone and Jason Preston from McGrathNicol have been designated as administrators.

They said in a statement: "Waco Australasia management has been actively pursuing concurrent sales processes for a number of business units in recent months.

"While these efforts were promising, current market conditions and delays in transaction timing have made the appointment of Administrators necessary to ensure there is sufficient runway to conclude the processes and maximise value for creditors."

Waco Kwikform has fulfilled a vital function in substantial undertakings including providing scaffolding for infrastructure and occasions such as Formula One in Melbourne and hospital developments in New South Wales. Other divisions of the broader Waco International Group remain unaffected by the administration.

They are managed by Waco International CEO Stephen Goodburn - aged 62, CFO Dharishan Padiachy - aged 39, and Waco Australasia CEO Michael Els - aged 58.

The group's latest move has been driven by the continuing financial crisis, it has been reported. The most recent accounts revealed turnover of approximately $148 million (£110 million), alongside a loss exceeding $10 million (£7.47 million), a stark contrast from a profit the year before.