Thu, 19 May 2011 | ADMINISTRATION
Administrators are undertaking a major restructuring of plant and tool rental business Hiremee, as part of their bid to find a buyer for the company and sell it as a going concern.
Jason Baker and Geoff Rowley, partners at restructuring specialist FRP Advisory, have been appointed as joint administrators for the company. It was put into administration by its directors this week, who viewed the action as the best route to safeguarding the business's future.
Upon their appointment Baker and Rowley made six staff redundant, but retained fourteen, indicating significant confidence in the company's potential for staying in business, providing that it operates under a remedied structure.
Baker said that Hiremee, which operates from headquarters in Royston, Hertfordshire, had a lot of positives going for it, including a loyal client base and strong goodwill.
"A downturn in the construction industry has led to fewer businesses needing to hire equipment from Hiremee so, despite an excellent reputation amongst its customer base, this has led to cash flow difficulties," he said. "The decline in liquidity also made it harder for Hiremee to pay back the large amount of debt it had taken on to fund growth."
Utilises a large fleet of articulated units and trailers to provide transportation and delivery services depot-to-depot via fully loaded trailers. Provides its comprehensive service offering for several blue-chip organisations. Receives a high volume...
This independently run Heating Engineers delivers a variety of services to a wide range of clients in its local area.
Established over 15 years this care provider has become very well known in the local area for the high quality of care and companionship they provide to their clients.
02
|
May
|
Two country hotels sold following confidential marketing process | COMMERCIAL PROPERTY
Two country hotels in the South East of England have been so...
02
|
May
|
Two South East accountancy firms agree to merge | MERGER
Two accountancy firms based in the South East have announced...
02
|
May
|
Legal services group completes eighth acquisition | BUSINESS SALE
Acquisitive legal services group Lawfront has completed a de...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.