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Published on January 25th 2019 in

Robayne calls in the Administrators

FTI Consulting has been appointed Administrators of Robayne Pty Limited, the Perth-based distributor suppling the automotive, industrial and commercial markets with a comprehensive range of advanced and innovative product solutions and equipment.

Established in 1974, Robayne is a leading Australian distributor to the automotive aftermarket paint sector. As a multi-branded market leader, the automotive division of Robayne had established competitive technical representation with a diverse product range and extensive industry experience.

 

However, on 25th January CEO Clint Smith put the company into voluntary administration, a process under the law which allows companies unable to pay their debts, or likely to become unable to pay their debts to appoint an independent, qualified person (called a voluntary administrator) to take control of the company and its operations.
NCR Robayne's Clint Smith

This process allows breathing space to work out the best outcome for all stakeholders and involves the voluntary administrators calling creditors’ meetings at which creditors decide the future of the Company. The creditors will determine if the Company is returned to the director, placed into liquidation or enters into a Deed of Company Arrangement.

In recent years Robayne embarked upon a national acquisition strategy and even late last year was still well advanced in negotiations to further expand their presence in Victoria and NSW. However, more recently changes in their business are believed to have triggered a chain of events that have culminated in the decision to call in the administrators.

Whilst the ink is barely dry on the documentation, it is clear there is much to be done to fully understand the story behind the demise of the company and if and how the business can continue longer term.

The first meeting of the creditors will be held at 11:00am on Tuesday, 5th February at Central Park Business Centre, 152-158 St Georges Terrace, Perth WA 6000. We will keep you posted.

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