Rotary UK for sale as Aussie parent suffers
MECHANICAL and electrical contractor Rotary, which has its UK headquarters in Warrington, is preparing to be sold after its Australian parent company, the Hastie Group, was placed in administration.
Trading at Rotary UK & Ireland – which worked on the studios at MediaCityUK and is involved in the Co-operative’s new HQ, NOMA – is not directly affected by the financial problems of Hastie Group.
A statement from the company said: “The operating subsidiaries of Rotary in the UK and ROI are separate legal entities and stand alone operationally and commercially, 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. It is a profitable business with a strong track record of successful partnerships with its customers, suppliers and other stakeholders in the construction industry. As a cash generative group of companies, there is sufficient liquidity headroom to meet current obligations in the normal course.
Chief executive Phill Laidlaw said: “The recent public events at our shareholder, Hastie Group Limited, have created a period of uncertainty in the group which we have dealt with in our normal professional way.
“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 process are already underway in order to sell the Rotary UK and ROI businesses as going concerns”
Hastie Group has 4,000 staff worldwide, designs, installs and maintains technical services for the building and infrastructure sectors, including mechanical services, electrics, hydraulics and refrigeration. It ran into financial trouble last month after issues with a Middle East joint venture.
