Gordon Brothers has acquired the majority of Central Queensland Quarries’ (CQQ) plant and equipment as part of a liquidation managed by FTI Consulting. The company has also entered into a rental agreement to lease a portion of the purchased equipment to Extract Quarries, which will now operate three of the quarrying sites previously run by CQQ.
“Based on our assessment of the business, its staff and the assets we’re confident in the new company’s prospects for future growth,” said Tim Stewart, managing director, Australia, “We are pleased our investment can ensure some continuity in quarrying activities at these sites following the challenges faced by CQQ.”
In partnership with Slattery Asset Advisory, Gordon Brothers will dispose of the balance of assets acquired through an orderly sale process managed and coordinated by Slattery. The auction date is set for June 16.
“The risk appetite and restructuring adopted by Gordon Brothers led the team to identify an optimal solution,” said Tim Slattery, sirector of Slattery Asset Advisory. “We’re pleased to have found such a reliable and agile partner in Gordon Brothers, and we look forward to continuing to collaborate with Tim and his team.”
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