Warwick Rule (centre) and his wife Helen have bought several busted companies in recent years, turning them around and employing locals.
A WEALTHY Sydney businessman is breathing new life into struggling Tasmanian businesses in a bid to create much-needed jobs.
Warwick Rule and his wife Helen have bought several busted companies in recent years, turning them around and employing locals.
Their latest acquisition is a linen cleaning company at Goodwood that went into receivership in June, owing more than $1 million to creditors and putting 45 people out of work.
Mr Rule is the founder and managing director of Imatech, a mining tool and product supply company.
The couple restored the old Savings Bank in Murray St and are well known for their battle with the heritage council over striking red awnings they used on the building, some of which were recently ordered removed.
They live in Sydney and spend much of the year travelling overseas, but have fallen in love with Tasmania during the past 20 years.
Mr Rule said they were on a river cruise in Europe when they received an email to say Southern Linen Services had gone into receivership.
He said they had been considering acquiring a linen company after buying a number of accommodation properties in Tasmania.
Mr Rule said by the time they bought the linen company in September it had been shut down and old customers had signed on with new contractors.
It provided linen rental and laundering services to commercial, healthcare, hospitality and food processing industries.
Re-named Linen Services Tasmania and extensively renovated, the business has re-employed 20 staff who had not been able to find work since the company's collapse.
"We've recruited a lot of the labour [force] from the old business," he said.
"They were owed so much money [by the previous owners], they hadn't been paid things like superannuation."
Mr Rule said his Tasmanian businesses now employed more than 50 people and his companies Australia-wide employed more than 200 people.
He owns Engineering Supplies Tasmania and Joinery Supplies Tasmania, and last year bought a second Tasmanian joinery company that had gone into receivership, renaming it Imatech Joinery Services, based in Glenorchy.
Before the joinery business went bust Mr Rule had hired it to carry out detailed woodwork and restorations at his Murray St property.
"I knew them very well [and] when I found out they had gone into receivership I said we can't lose all of those skills," he said.
He went to an auction organised by administrators, bought all of the company's assets and re-established the business.
Mr Rule said he wanted to create new jobs by investing in Tasmanian businesses and considered this more important than donating to charities.
"We would rather put money into businesses that employ people because that's what Tasmania needs," he said.
"We're learning more about Tassie as we go."
The couple are building up a holiday accommodation portfolio and own serviced apartments at Battery Point, historic property Gattonside in Sandy Bay Rd and Amberley House near the casino.
hannah.martin@news.com.au
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