Kingfisher takes on assets

PROPERTIES belonging to collapsed tour operator the Fraser Island Company will be put on the market by the receiver in coming months.

Yesterday Kingfisher Bay Resort manager David Hay confirmed the group had made an offer to buy some of the company's assets after it was taken over by administrators three weeks ago.

Mr Hay said running tours on the island fell into the group's expertise so it “made sense” to take over that side of the company's business.

He said the Fraser Island Company was insolvent and had not been bought as a going concern and reports the assets had been sold for millions had been “greatly exaggerated”.

He also said the group had not bought the company's two properties at Cathedral Beach and Happy Valley.

While he said the takeover was “logical” Mr Hay said it in no way took away from the reality of why the company had gone into administration.

He said the collapse of the business was “proof of how extremely difficult the tourism industry in the region was finding current trading conditions”. He also said he intended to do the best he could to protect the jobs of the 350 staff the resort employs.

The Fraser Island Company is believed to owe more than $3m to unsecured investors including the Australian Taxation Office, the Fraser Coast Regional Council and a client of Ray White, Hervey Bay.

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