RCR Tomlinson energy business sells

RCR Tomlinson
RCR worked on the recently completed Gannawarra solar farm

A statement released by RCR Tomlinson Administrators McGrathNicol Restructuring reveals the company’s Energy Services business has been sold.

The administators signed an agreement with The Environmental Group Limited for the sale of RCR’s Energy Services Business, part of RCR’s broader energy business.

The sale is expected to complete early this month.

McGrathNicol partner Jason Ireland said, “This transaction maintains continuity for many RCR customers and suppliers, and preserves the entitlements and jobs of over 50 employees.

“It is an excellent outcome for those stakeholders,” he said.

RCR Tomlinson went into voluntary administration in November 2018 after being unable to secure additional funding after the company’s second trading halt of the year.

A class action was also filed against RCR last year on behalf of aggrieved shareholders.

The sale to The Environmental Group follows the successful sale of RCR O’Donnnell Griffin’s rail business to John Holland, in late December 2018.

The administrators remain confident of achieving further sales “in the near term”.