08 Jun 2012
Uncertain future for Rotary
A Northern Ireland engineering firm is facing an uncertain future after its Australian owner collapsed. Rotary UK and Rotary Ireland are expected to be sold after administrators PPB Advisory were appointed to parent company Hastie Group due to its “extreme financial situation”.
Rotary, which has offices in Chester, Mallusk, Livingston, Leeds, Newcastle and London, was founded in Northern Ireland in 1954 and was bought by Hastie for more than £100 million four years ago. It provides air-conditioning, mechanical, industrial and maintenance services to the health-care, education, industrial, commercial and retail sectors.
Hastie, which employs 7,000 people world-wide, has been hit by the tough global economic climate, but it was pushed ‘over the edge’ when 20 million Australian dollars (£12 million) in accounting irregularities were uncovered.
PPB Advisory has been appointed as administrators to 44 companies in the group, which also has operations in Australia, New Zealand and the Middle East.