Hedley reveals pain of crash
"I'VE let everyone down." That's what Cairns businessman Tom Hedley feels about the collapse of his private business empire this week.
In an exclusive interview yesterday, Mr Hedley allowed his partner and The Hedley Group operations manager Jeanine Cooke to speak on his behalf.
On Wednesday, nine Hedley companies were placed in receivership with KordaMantha by the ANZ Bank with debts of more than $150 million.
A second receiver, Ernst and Young, was appointed by Suncorp to redeem a debt believed to $90 million.
"He feels he has let everybody down and is taking it very hard, very personally," she said.
"He is heartbroken. The people, the place, they were his life. Since Wednesday it really feels like someone has died."
Ms Cooke said the move by the banks had taken them by surprise.
"Times have definitely been difficult. We've been working hard to get through these tough times, as has everybody," she said.
Ms Cooke said Mr Hedley's first business, plumbers HPS Pty Ltd with 80 staff, and which was not involved in the receivership, had been sold.
It’s likely his beloved Red Beret Hotel at Redlynch, where his mother Ann works a couple of times a week, will be sold as well.
But Ms Cooke said Mr Hedley's greatest concern was his 800 staff spread over the construction, property, development, investment and liquor arms in Cairns, Townsville and southeast Queensland.
"The staff and the suppliers have been fantastic. Tom’s not your average boss. He's one of the boys and he's approachable and good to his staff," Ms Cooke said.
"He's told them if they needed anything to let him know, if they were short of rent money or he would lend them money for a new car.
"He's been getting lots of text messages and emails. He phoned me yesterday in tears. He said: 'Everybody is saying nice things'. It overwhelmed him.
"Tom's very grateful for all the support. It really means a lot to him.
"He's continuing to come to work every day, going to job sites. He's committed to getting the best result for everybody."
Ms Cooke said the staff and the community’s response was not surprising.
"He's a very loyal, up front and honest man. He says what he thinks and that's why people have so much respect for him.
"He's a very shy man and some people mistake that for arrogance, but he doesn't like putting his head up.
"He used to go down to the Red Beret over the weekend. He loved to go and have a chat.
"He feels uncomfortable about doing that now and won't be going anywhere," she said.
Despite this week's turmoil there has been some good news for Mr Hedley - the arrival of his first grandchild.
Baby girl Madison was born on Sunday, the first child for Tom Hedley Jr and his partner Lacey.
"That's been the only ray of sunshine in his life (this week). He's very excited about that and also his five-month-old puppy, Stud," Ms Cooke said.
She said they had no idea what the future held for her and Tom.
"He just wants to achieve the best result for everyone as possible.
"From there it's the unknown, which is quite scary. But, knowing Tom, he's not keen on retirement. Retirement is not part of the plan."
The Hedley story
- Hedley fallout hits racing
- Tradies toast troubled tycoon
- Hedley in receivership
- Hedley quits as director
- Hedley quits as CEO
- Hedley fortune takes $430m hit
- Hedley stops trade
- Hedley trade halt
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Troubled times: The Hedley Group operations manager Jeanine Cooke has revealed her partner Tom Hedley is heartbroken at the collapse of his private companies and the impact it will have on 800 staff. Picture: MARC McCORMACK
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