Contractor Rotary ‘close to rescue deal’
ROTARY UK, the Warrington mechanical and engineering contractor plunged into uncertainty by a financial crisis which engulfed its Australian parent company, could is be rescued in the coming days.
After interest from both trade and private equity, Middlesex-based building services group Lorne Stewart is in pole position, according to reports.
Rotary UK, which has offices across the country, including Leeds and Birmingham was put up for sale in May after its parent company The Hastie Group entered voluntary administration.
It has several subsidiaries, Northern Ireland-based Rotary Services, Rotary Yorkshire, Rotary Southern and Rotary North West.
Rotary UK made a pre-tax loss of £1.6m last year, compared with a £6.7m profit in 2010. Turnover fell to £147.3m from £175.5m in 2010.
Most recently-filed accounts for Rotary North West – which worked on the studios at MediaCityUK – for the year to the end of June 2011, reveal a fall in turnover and profits.
Turnover fell from £47.7m to £27.9m, while profits were down to £2.7m from £4.1m in 2010.
A spokesman for Rotary declined to comment on the sale process and was unable to confirm reports in the trade press that Rotary’s Scottish business and Rotary Services have been placed into administration.
