Lorne Stewart takes over four Rotary units
We can confirm that Lorne Stewart has bought out four companies in the Rotary Group in the wake of the failure of Rotary’s Australian parent.
Lorne Stewart subsidiary 4th Utility Ltd has acquired Rotary Ltd’s 100% shareholdings in Rotary North West, Rotary Yorkshire, Rotary Southern and Sothers (Holdings).
The Rotary Companies will continue to be run as independent standalone regional businesses.
Up until this deal, Lorne Stewart had 20 offices across the UK and employed more than 1,200 people. In the year to 31 December 2011 it had revenues of more than £162m and profit after tax of approximately £5.7m.
Rotary's Australian parent company Hastie Group entered voluntary administration in May.
Chad Griffin and Simon Kirkhope of FTI Consulting LLP were appointed joint administrators of Rotary Ltd and certain other group companies, to effect the sale and to wind down separate Rotary companies in other parts of the UK including Northern Ireland, Scotland and Newcastle. These did not form part of the Lorne Stewart transaction.
Stanhope Capital LLP acted as financial adviser to Lorne Stewart. Rothschild acted as financial adviser to Rotary.
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This article was published on 06/08/2012 (last updated on 07/08/2012).