Voluntary administration for Hastie group

Administrator PPB Advisory today announced it would suspend Hastie's Australian mechanical, electrical and plumbing operations, after determining there were insufficient funds to operate and run the businesses

The Administrators will remain in control of the companies that comprise the mechanical, electrical and plumbing (MEP) businesses in Australia as well as operations in the Middle East. These businesses employ 2,700 people in Australia and approximately 2,000 in the Middle East. More at pbadvisory.com-hastie-group

PPB said staff across the businesses had been informed formally of the situation and that there would be job cuts.

Hastie group problems and administration

Hastie Group, which provides solutions for commercial and industrial air conditioning and refrigeration services to both Australia and New Zealand, had already been in talks with banks and new investors to extend its loans, but they broke down when Hastie discovered an employee had been falsifying accounts.

The accounting irregularities date back to the 2008/2009 financial year are in the range of $20 million charge to its profit for the current financial year. The employee who admitted to altering figures had been suspended, and a other employee involved was expected to be disciplined.

A further 1300 people are employed in Hastie's subsidiary businesses in Australia.

Subsidiaries are

Spectrum Fire and Safety
Hastie Services
Gordon Brothers Industries
Austral Refrigeration.

McGrathNicol who has been appointed receivers and managers for these subsidiaries of those companies, and said they would operate as normal while potential buyers were sought.

About Hastie group

The Hastie Group began trading as a draper’s business in Swansea, UK in the 1800s. Gradually, more services were offered such as insulation contracting, sheet-metal fabrication and air conditioning installation.

Hastie Group Limited is the leading international designer, installer and maintainer of technical services to the building and infrastructure sectors, with well established operations in Australasia, the UK and the Middle East.

http://www.hastiegroup.com.au

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