In a significant shock for the Aussie RV market, restructuring firm Cor Cordis have been appointed as Voluntary Administrators of Harvey Technology Pty Ltd and Outback HQ Pty Ltd, trading as Track Trailer, as of Thursday, 6 June 2024. This move comes as Track Trailer navigates through a tough economic landscape.
“We’ve commenced an urgent review of Track Trailer’s financial position,” Cor Cordis have said. “We understand there are parties looking to put forward a restructuring plan while we continue to trade the business.” This approach aims to keep the business operational while exploring potential restructuring solutions.
Track Trailer, known for its iconic Tvan camper trailer, has a 25-year history of building some of the best trailers in the bush. The Tvan, which won the Caravan Industry Association’s Camper Trailer of the Millennium in 2000, has set benchmarks in its class with each successive generation. Alongside its sibling models, Trakmaster and Pioneer, the Tvan embodies Track Trailer’s philosophy of continuous development and reinvention.
But the current economic climate has not been kind to the RV industry. TRACK director Gerard Waldron says, “The Australian RV market has significantly declined over the past 12 months due to cost-of-living pressures and its main customer group increasingly opting for overseas travel in 2024. I have not seen worse RV market conditions in over 25 years. Despite our attempts to reduce costs in response to declining sales, the economic conditions have compelled me to appoint Administrators to explore a restructure.”
Despite these challenges, Waldron reassured stakeholders, “For the immediate future it is business as usual, with the team working hard to minimise disruptions, we thank our customers for their understanding. Lastly, while the immediate future holds challenges, I believe the restructuring process will allow the business to continue growing when market conditions improve.”
This period of voluntary administration is seen as an opportunity to restructure and strengthen Track Trailer’s financial footing. Cor Cordis, with its experience in advisory, restructuring and turnaround, is well-positioned to guide Track Trailer through this turbulent period. Their track record includes successful restructures across various industries, demonstrating their capability in stabilising businesses and preserving value.
As the administrators work through this process, they have set up an email address TRACK@corcordis.com.au for customers, employees, and creditors to stay informed and engaged.
The appointment of voluntary administrators marks a critical juncture for Track Trailer, but with a legacy of resilience and innovation, there is optimism that the company will emerge stronger. As fans of the brand and their bush-proven products, we hope to see Track Trailer continue for many years to come.
