At least 400 jobs from engineering firm Hastie Group will be saved following the successful sale of two of the troubled group’s businesses.
In the latest development, the troubled company’s administrators, PPB Advisory, have announced the sale of Cooke and Carrick Pty Ltd and D&E Air Conditioning Pty Ltd.
Cooke and Carrick, a commercial hydraulics business based in the north-east Melbourne suburb of Tullamarine, employs 134 people whilst Rowville (south-east Melbourne) base air conditioning and mechanical services firm D&E employs 274.
Under the terms of sale, the respective purchasers have each agreed to provide continued employment to workers of businesses they have acquired.
Ian Carson, PPB Advisory Chairman of Partners, says the sales are a positive outcome for all involved.
“This is an excellent outcome. We are delighted to have secured over 400 jobs in Victoria through the sale of two Hastie Group businesses” PPB says.
“Our aim has always been to reach a timely resolution to provide certainty to employees and we are delighted to have reached this outcome within seven business days of our appointment as administrators to the Hastie Group”.
Last week, Carson said that he hopes the majority of Hastie workers at its mechanical, electrical and plumbing businesses who had been stood down will eventually be able to return to work.
He says PPB is in discussion with a number of other parties with regard to the possible sale of further Hastie businesses and that he hoped to provide further certainty for remaining Hastie workers within the next few days.
Hastie Group appointed PPB as administrators last week after talks with banks and new investors to extend its loans broke down following the discovery by the company that an employee had been falsifying accounts.