Going, going, gone! MACS Engineering sold to Sci-Fleet Group
MACS Engineering has been given a new lease on life after being sold to Sci-Fleet Group.
MACS will continue to operate from its Victoria Street base under the new ownership deal which followed its placement into voluntary administration late last year.
Australia's largest selling Toyota dealership, Sci-Fleet Group is a family-owned Queensland business which has had a long association with Mackay.
Sci-Fleet Group CEO Jarrod Marshall said that MACS will continue to thrive in the local industry.
"MACS will continue to operate in Mackay, providing jobs and supporting local industry that has relied on it for almost 50 years," Mr Marshall said.
"Seeing such a well-renowned, long-established family company close its doors with jobs and expertise leaving the local economy would have been a real shame.
"I am pleased to say we plan to re-employ up to 50 staff for now, with more to follow later once sales pick up. I have been very impressed at the passion they have for working in the MACS business," he said.
ADMINISTRATORS will recommend MACS Engineering be put into liquidation at a second creditors meeting today.
The purpose of the meeting is to update creditors about the sales process of the company, which went into voluntary administration late last year.
As reported by the Daily Mercury previously, several expressions have been made to purchase the troubled company and these are expected to be reviewed today.
At the meeting, creditors will also be asked to vote on the future of the company.
A spokesperson for the administrators, Derrick Vickers and Darryl Kirk, of PwC, said because the company was deemed to be insolvent, and with no Deed of Company Arrangement proposed, they were recommending MACS Engineering be put into liquidation.
Just weeks before Christmas, the company announced it would close its doors in both Mackay and Caboolture.
The closure resulted in 76 people losing their jobs.
An auction to sell the company's stock, also expected to be held in Mackay today, has been cancelled.
At the time of its closure, MACS Engineering director Ross Fredrickson said the decision to appoint voluntary administrators was made after all other options had been exhausted.
"We wanted to ensure, in the situation, that the best possible outcome for staff, creditors and other key stakeholders was achieved," Mr Fredrickson said.
Since the announcement of MACS' closure, other businesses have been eager to ease concerns and dispel myths that mining industries in Mackay were doomed.
Mackay Area Industry Network chairman Peter Van Iersel said the network was encouraging their members to reinvent themselves in order to stay competitive.
He said being "lean and mean" was unfortunate but the truth.