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.
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.