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.
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