Buyer sought for Warrington-based Rotary Group after parent company’s administration
The collapse into administration of Australian diverse building services group Hastie has left Warrington based Rotary Group in search of a new owner. The contractor is trading as normal through its parent company’s administration.
Hastie, which appointed administrator PPB Advisory today, employs 7,000 around the world and is believed to owe around A$500 million (£314 million).
PPB said today that the UK and Ireland businesses will continue to trade as normal under the control of their directors. The administrator said “We believe they are profitable businesses with liquidity headroom. Over the coming weeks we expect there will be an orderly process to sell the Rotary UK and Ireland businesses as going concerns.”
The Hastie Group globally is very diverse with 44 different subsidiaries. Its Australian and Middle Eastern M+E businesses have insufficient funds to enable the Administrators to operate them and so have been suspended whilst their financial positions are assessed, PPB said.