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Hastie Group administrator starts selling subsidiaries

Creditors’ meetings called for refrigeration-to-air-conditioning group for 14th and 15th June

The administrator of building services giant the Hastie Group in Australia has started selling firms as going concerns.

D&E Air Conditioning Pty is a mechanical and air conditioning services firm based in Rowville, Victoria, which employs 274 people. Cooke and Carrick Pty Ltd is a large commercial hydraulics business, based in Tullamarine, Victoria, and employs 134 people. Both purchasers have agreed to provide continued employment to each business’s employees.

The Communications, Electrical and Plumbing Union said that 1,000 union members working at the failed company had been found new jobs. CEPU secretary Earl Setches said 600 jobs in Victoria had been saved, 300 in NSW, 250 in Queensland and 100 in South Australia.

Ian Carson, PPB Advisory Chairman of Partners, said: “This is an excellent outcome. We are delighted to have secured over 400 jobs in Victoria through the sale of two Hastie Group businesses. Our aim has always been to reach a timely resolution to provide certainty to employees and we are delighted to have reached this outcome within seven business days of our appointment as administrators to the Hastie Group.”

Mr Carson said PPB Advisory was in discussion with a number of other parties with regard to the possible sale of further businesses within the Hastie Group. Creditors’ meetings have been called for 44 subsidiaries on 14th and 15th June. The Hastie Group employed 2700 people

Mr Carson said: “We understand this is a very uncertain time for Hastie employees. We hope to provide further certainty to remaining Hastie Group employees within the next few days.”

The £147 million turnover UK subsidiary the Rotary Group continues to be run as a going concern. Rival firms such as Lorne Stewart are among those believed to be interested in purchasing the business.

Chief executive Phil Laidlaw has written to its supply chain to assure them of its ongoing stability.

Mr Laidlaw said last week: “The Rotary UK and ROI operating companies are not in any form of insolvency and continue to be operated under the control of the existing directors and management team on a full ‘business as usual’ basis. We are a profitable business with a strong track record of successful partnership with our customers, suppliers and other stakeholders in the construction industry. As a cash generative goup of companies, we have sufficient liquidity headroom to meet current obligations in the normal course.”

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