Crowe Horwath boss Ross Patane pitches joke idea on road trip to introduce the troops to new head

Ross Patane is stepping down as boss of Crowe Horwath but will stay on as a senior partner focused on hospitality, tourism and leisure deals, including the proposed Brisbane Aquarium.

Caricature of Ross Patane by Brett Lethbridge.

ROBBIE WORLD

Is Dalby ready for a theme park to honour their hometown legend, Hollywood A-lister Margot Robbie?

Sort of a Queensland version of Dolly Parton’s Dollywood?

It’s an intriguing idea that’s been floated recently — in jest, we might add — by outgoing Crowe Horwath boss Ross Patane.

The veteran Brisbane bean counter pitched the fanciful scheme during a road trip last week to meet the troops and introduce them to his successor, Mary O’Driscoll.

The pair covered quite a bit of ground, stopping by Robbie’s old stomping ground, as well as Toowoomba, Chinchilla, Goondiwindi, northern NSW and the Gold Coast.

Patane, a 32-year veteran of the firm, is stepping down after six very busy years at the helm.

But he’ll stay on as a senior partner focused on hospitality, tourism and leisure deals, including the proposed Brisbane Aquarium. That focus, of course, explains the Robbie thought bubble.

Under his watch, Crowe Horwath delisted from the ASX after it was gobbled up by financial services giant Findex in a $200 million private equity deal in 2014.

Two years later, Patane presided over a growth surge following the $20 million acquisition of rival outfit Moore Stephens Queensland.

So why leave now?

“After six years as managing partner, I was pretty happy to hand over. I think all the big rocks that I needed to move have been put in place,’’ Patane told City Beat yesterday.

“I’ve seen many people stay too long and I picked my moment. The stars are aligned and I can be proud of what we’ve done.’’

Patane, who just won a prestigious gong from a top industry group, also plans to step down from the board of biotech player QBiotics after nine years.

But he’ll remain as a non-executive director of financial advisory firms John Bridgeman Ltd and Henry Morgan Ltd.

CLOSING CURTAINS

The parent company of Curtain Wonderland continues to haemorrhage cash as remaining Queensland employees allege they face “dreadful’’ working conditions.

Chinese-controlled Kresta Holdings, which snared Australia’s biggest window covering chain a few years ago, recently reported an eye-watering 418 per cent plunge in net profit.

The WA-based group suffered $4.41 million in red ink in the last calendar year following an $857,000 loss in 2016.

Revenue also fell nearly 12 per cent to $75.7 million as Kresta shut seven Vista showrooms and reported “weaker than expected sales revenue in Curtain Wonderland’’.

Despite a cost-cutting exercise, the company said it “continued to experience production inefficiencies’’ as the business underwent a restructure.

The grim outlook, along with auditor warnings of a “material uncertainty’’ about the ability to keep trading, has prompted an internal reshuffle at the top.

That includes the departure of CFO and company secretary Neil Perkins in January.

Meanwhile, Brisbane-based workers continue to share their tales of woe with your diarist.

“The Queensland factory has been closed and all manufacturing has been moved to China. There are still staff cuts, stores being closed, and existing staff abandoning ship on a weekly basis,’’ one employee told us this month.

“There is no management and there has been no HR department for nearly eight weeks. There are constant customer complaints over inferior products and manufacturing times.’’

Kresta did not respond to a request for comment on those allegations yesterday.

But it appears the company still has some wiggle room, albeit temporarily.

Kresta’s majority owner, Hong Kong billionaire Xianfeng Lu, agreed to an 18-month freeze on repayments from $10.3 million in related party loans last August.

He also committed up to $10 million to cover other debts.