A private psychiatric hospital in Brisbane’s inner west, owned by a renowned Brisbane construction family, has gone into voluntary administration after failing to find a buyer.
The 58-bed Toowong Private Hospital, that has been operating for almost 40 years on Milton Rd, was owned by NA Kratzmann & Sons.
The hospital went into external administration on Wednesday and is now being administered by David Kennedy, Colby O’Brien, Robyn Duggan, and Andrew Hanson of EY. Staff were told of the situation yesterday.
Mr Kennedy said they were committed to working closely with management, staff, and
specialists to ensure the hospital continues to operate on a business-as-usual basis, prioritising
continuity and quality of care for patients, while a decision can be made regarding the future of the operations.
“We understand the challenges the company has faced, particularly in the trading environment since the Covid-19 pandemic, and we are undertaking an urgent financial and operational assessment of the company’s options,” he said.
“Our focus will also include exploring potential options for a sale.”
Mr Kennedy said the decision to appoint voluntary administrators was made after unsuccessful attempts to explore a sale in recent…