“Opportunity to emerge as a separate group” says chief executive of building services contractor
Warrington building services contractor Rotary Group has written to its supply chain to assure them of its ongoing stability, in the wake of its parent company, refrigeration and air conditioning giant Hastie Group going into administration in Australia.
Chief executive Phil Laidlaw said: “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. Rotary UK and ROI have a 50-year track record of leading M&E and related services 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.”
He added: “Although we are saddened by the insolvencies in Australia, this is an opportunity for Rotary UK and ROI to emerge as a separate independent Group. Preparations for a rapid sale of business processes are already under way in order to sell Rotary UK and ROI businesses as going concerns.”
The £147 million turnover firm has carried out building services for a host of high profile projects including a £35 million contract for Media City in Salford and £10 million for Westfield Shopping Centre in White City.