Lorne Stewart rescues Rotary units
MECHANICAL and engineering contractor Rotary has been broken up and placed into administration.
Middlesex-based Lorne Stewart has snapped up the Warrington comapny’s North West, Yorkshire, southern and West Midlands-based Sothers businesses, while holding company Rotary Ltd and subsidiaries in Northern Ireland, Scotland and the North East have been placed into administration.
The new owner of the ongoing-businesses 4th Utility, a subsidiary of Lorne Stewart said they will continue to be run as independent standalone regional
businesses.
Jointly the businesses employ 391 people and the turnover for the current financial year for the businesses sold to Lorne Stewart was around £136m.
Last year Lorne Stewart made profits of £5.7m on turnover of £162m. It has 20 officwes nationwide and employs more than 1,200 people.
Chad Griffin and Simon Kirkhope of FTI Consulting have been appointed joint administrators of Rotary Limited, to effect the sale and wind down.
Stanhope Capital LLP acted as financial adviser to Lorne Stewart. Rothschild acted as financial adviser to Rotary.
Rotary was put up for sale three months ago after the collapse of its Australian parent company Hastie Group.
