Tue, 15 Jan 2019 | ADMINISTRATION
The Shropshire company, that has previously undertaken landmark projects like the 2012 Olympic Park and the Hinkley Point C nuclear power station, has gone into administration.
Sam Woodward, Alex Williams and Hunter Kelly of Ernst & Young have been appointed as administrators of the business and its subsidiaries Hawk Plant Hire, Hawk Hire, Safety and Training, Hawk Plant, and Hawk Plant Sales.
With over 40 years of operation, the turnover of Hawk Plant (UK) was £93.5 million in the financial year of 2017. However, the cashflow of the group has been significantly impacted by delays in the commencement of anticipated projects and a number of historically problematic contracts.
Joint administrator, Sam Woodward said: "...the group’s funding structure, with significant hire purchase and finance lease commitments put pressure on the cashflow at a time that asset utilisation was comparatively low.
"We will now begin the process of seeking to find a suitable buyer for Hawk, to ensure the best possible outcome for all of the group’s stakeholders.
"In the meantime, we will seek to minimise the impact on the customer base by keeping assets on hire and maintaining service levels."
The company was described as having a “satisfactory performance” and although the collapse of Carillion in January 2018 was noted as having caused “some timing disruption” to contracts, the firm did not expect to suffer such significant losses as the company’s directors had put in place credit insurance.
Its ground survey and sight inspection business based in Newark, a subsidiary of Enverity, remains unaffected and remains solvent.
For more news stories about administrations click here. For all our administrations listings, click here.
The company supplies a comprehensive range of building plastics, including fascias, soffits, cladding, drainage products, window boards and decorative panels. Circa 100 customers per day, with 85% providing reliable, repeat service on an ongoing basi...
LEASEHOLD
Installs, relocates and refurbishes modular buildings, including bathroom facilities, guest event accommodation and temporary classrooms. Excellent reputation, with consistent growth generated by word-of-mouth referrals and repeat business. Clients i...
Specialist retailer of mid-range to high-end kitchen interiors to domestic customers. Offering a full turnkey solution from initial consultation & design through to project management of the installation process. Provides a full range of branded prod...
|
14
|
|
Jul
|
Huddersfield retail park acquired out of administration | COMMERCIAL PROPERTY
Huddersfield’s Gallagher Retail Park has been acquired...
|
14
|
|
Jul
|
Directors of distressed companies get more breathing space | BUSINESS NEWS
The temporary suspension of wrongful trading provisions intr...
|
13
|
|
Jul
|
Yorkshire retailer Peter Jones enters administration | ADMINISTRATION
Well-known Wakefield-based retailer Peter Jones has entered ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
05
|
|
Oct
|
Poultry producer put up for sale | BUSINESS SALE
Banham Poultry, based in Attleborough, Norfolk has been put ...
|
24
|
|
Feb
|
Fashion retailer Internacionale facing liquidation | ADMINISTRATION
Fashion retailer Internacionale is set for liquidation, resu...
|
19
|
|
Jan
|
Agents appointed to sell Battersea Power Station | BUSINESS SALE
Ireland’s National Asset Management Agency (NAMA) is p...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources