Latest news with #RobertsCo
Herald Sun
01-07-2025
- Business
- Herald Sun
Andrew Robets' Roberts Co avoids liquidation with $20m deal
Don't miss out on the headlines from Business. Followed categories will be added to My News. Tycoon Andrew Roberts has struck a deal with creditors of his collapsed building empire that will see him fork out $20m. But administrators say there are still subcontractor claims yet to be resolved for the construction firm's Victorian arm, as they look to work out how to mitigate losses for stalled projects across the state. Creditors of Mr Roberts' RCAH Group – a construction company specialising in delivering complex projects across various sectors, including health, education, and commercial development – voted on Monday to accept the deal. The operations of the RCAH Group, which collapsed into administration in May, have recently been wound down and its Victorian subsidiary, Roberts Co (VIC), was placed into administration in March. The company's most notable contracts are in Victoria, including an Amazon distribution centre in Craigieburn, an office tower near Parliament Station and a residential development project in Footscray. The group also recently sold its business interests in Western Australia and separately sold Roberts Co (NSW), its New South Wales business to United Arab Emirates developer Arada in May. Creditors of Roberts Co (VIC) separately agreed at a meeting on Monday to accept a plan for the Victorian arm on Monday. The deal, which was proposed by the group's ultimate shareholders Martigues – another Roberts-controlled entity – will see an extra $17.4m be made available, in addition to $2.6m he has already paid. A spokesperson for FTI Consulting, who were appointed to the RCAH Group collapse, said the deal will also see the 'forgiveness of significant related entity loans, which will improve the outcome to creditors of the group'. They said former employees will receive all of their entitlements in full and unsecured creditors would receive up to 33c on the dollar, with smaller creditors expected to be paid in full. 'The (deal will) see the former employees and creditors of the companies secure a better outcome and provides greater certainty than had the group been placed into liquidation,' the spokesperson said. FTI Consulting administrator Vaughan Strawbridge said his firm had worked closely with the administrators of Roberts Co (VIC), McGrathNicol, to wade through 'issues in the group'. 'There is still a lot of work for McGrathNicol to undertake in resolving subcontractor claims and mitigating losses under contracts in Victoria, but this is a significant contribution to the payment of creditors that has been secured,' Mr Strawbridge said. Mr Roberts, who is the son of Multiplex founder John Roberts, called in the administrators to his company's Victorian arm in the wake of major projects blowing out in Melbourne. Roberts Co (VIC) cited project losses, including on the construction of an Amazon centre, and the withdrawal of financial support from related companies as the main contributors to its collapse.
Arabian Business
04-06-2025
- Business
- Arabian Business
Australia
AED47 million recapitalisation secures over 700 jobs as Arada strengthens position in Australia; move lays groundwork for Roberts Co to eventually expand into the UAE
The Age
15-05-2025
- Business
- The Age
Murdoch mums and bubs hospital hits another hurdle as builder goes bust
Murdoch Women and Babies Hospital builder Webuild has revealed it purchased the interest of its joint venture partner, Roberts Co, weeks before the company was placed in voluntary administration. News of Roberts Co's collapse this week cast doubt over the ability of the Italian construction giant to build the $1.8 billion facility after it and Roberts Co were put in the hot seat in December. Roberts Co, owned by billionaire Andrew Roberts, was placed in administration earlier this week. In a statement, Webuild downplayed Roberts Co's stake in the WA Life joint venture, and revealed it had purchased its interests a few weeks ago, noting the company was in financial distress. A spokeswoman said the purchase was made with the WA government's permission and that Webuild was close to announcing a deal. 'Since being named as preferred [builder] in December 2024, WA Life and the state government have been working closely and collaboratively to finalise the contract,' she said. 'During this period, Roberts Co, who held a minor participation interest in WA Life, have advised that they wished to withdraw from the WA Life team. 'Both the state and WA Life have agreed to this request, whilst ensuring that all critical resources continue to be available for delivery. 'Over recent months the state and Webuild as WA Life have continued negotiations, in the same open and collaborative manner, and are close to finalising all aspects of the contract for the new hospital facilities
Sydney Morning Herald
15-05-2025
- Business
- Sydney Morning Herald
Murdoch mums and bubs hospital hits another hurdle as builder goes bust
Murdoch Women and Babies Hospital builder Webuild has revealed it purchased the interest of its joint venture partner, Roberts Co, weeks before the company was placed in voluntary administration. News of Roberts Co's collapse this week cast doubt over the ability of the Italian construction giant to build the $1.8 billion facility after it and Roberts Co were put in the hot seat in December. Roberts Co, owned by billionaire Andrew Roberts, was placed in administration earlier this week. In a statement, Webuild downplayed Roberts Co's stake in the WA Life joint venture, and revealed it had purchased its interests a few weeks ago, noting the company was in financial distress. A spokeswoman said the purchase was made with the WA government's permission and that Webuild was close to announcing a deal. 'Since being named as preferred [builder] in December 2024, WA Life and the state government have been working closely and collaboratively to finalise the contract,' she said. 'During this period, Roberts Co, who held a minor participation interest in WA Life, have advised that they wished to withdraw from the WA Life team. 'Both the state and WA Life have agreed to this request, whilst ensuring that all critical resources continue to be available for delivery. 'Over recent months the state and Webuild as WA Life have continued negotiations, in the same open and collaborative manner, and are close to finalising all aspects of the contract for the new hospital facilities
ABC News
15-05-2025
- Business
- ABC News
Builder picked for new WA maternity hospital enters voluntary administration
One of the joint venture partners chosen to build Perth's new maternity hospital has entered voluntary administration after months of uncertainty, but the Western Australian government is adamant the project remains on track. Global management firm FTI Consulting has been appointed to examine the financial position of builder Roberts Co and its parent entity, RCAH Group. Roberts Co was chosen alongside European construction giant Webuild as joint venture partners for the hospital in December 2024, tasked with building a replacement for the ageing King Edward Memorial Hospital (KEMH). The government wants the $1.8 billion Women and Babies Hospital to be co-located with Fiona Stanley Hospital (FSH) in Murdoch. But RCAH Group was recently wound down, with its New South Wales arm sold to a Middle East developer. The Victorian arm of the business entered administration in March, while the WA branch followed suit last week. Construction of the hospital had been due to begin later this year, but the loss of Roberts Co is likely to force the government into searching for a new builder to partner Webuild, which has a 70 per cent stake in the project. Health Infrastructure Minister John Carey, who confirmed the departure of Roberts Co from the project, has indicated that process is already underway. "The procurement process and engagement with Webuild continues to progress well and the Government will make some important announcements soon," Mr Carey said in a statement. In a statement, FTI Consulting confirmed Roberts Co had also sold its WA business interests, and administrators would examine those transactions before it reports to creditors. "We are aware there is interest from stakeholders of the business to propose a deed of company arrangement (DOCA) with the view of providing a better return to creditors in a timely manner, which will be considered in due course," the statement said. The state government announced the hospital project in April 2023, saying the facility would be built at FSH and would open its doors by 2029. That raised concerns among clinicians about travel distances between the new campus and Perth Children's Hospital, with KEMH's former head of anaesthesia Tim Pavy claiming lives would be at risk. The then-WA health minister Amber-Jade Sanderson downplayed those fears, saying the hospital would include improved neo-natal facilities. The Liberals entered the state election also criticising the plan and claiming babies would die as a result, saying they would build the hospital on a car park site at QEII in Nedlands. The Australian Medical Association WA said it wanted maternity, paediatric and adult medical services to be "tri-located" at one site. Roberts Co is also the builder behind luxury Scarborough apartment complex The Dunes Beachfront.
