Machinery hire firm Hewden collapses into administration

Wed, 23 Nov 2016 | ADMINISTRATION

Administrators are looking for buyers for the remainder of the machinery rental firm Hewden, which has collapsed.

Three divisions of the firm - its access and power generation assets, an on-site plant business and the business and assets of Interlift Limited - have been sold to Ashtead’s A-Plant arm for £29 million. 133 employees will transfer across with the businesses.

However, 251 employees in Hewden’s depot and on-site locations have been made redundant. Administrators Ernst & Young (EY) are now looking for buyers for the rest of the Hewden business.

Earlier this week it was widely reported that Hewden, which supplies plant, cranes and other equipment to UK construction sites, was on the verge of administration.

In a trading update last month the company said it had been “adversely affected” by the outcome of the EU referendum, with the decision to leave the European Union impacting a number of construction and capital investment projects.

The company's most recent accounts for the year to December 2014 show it made a pre-tax loss of £16.6 million.

EY’s Sam Woodward said: “Management has been attempting to operationally reshape the business to focus on higher margin and quicker returning assets and services.

“However, this has proven challenging with the group’s capital structure and the recent trading environment. Management recently undertook a number of initiatives including approaching new funders and potential acquirers to recapitalise the business, but unfortunately these efforts proved unsuccessful.”

He added: “We are assessing the optimum strategy for maximising value in the remainder of the group. In the meantime, we will continue to work with stakeholders to maintain service levels to customers who have assets on hire.”

Find services businesses in administration.


Share this article



Latest Businesses for Sale

Children’s Day Nursery
West Yorkshire, Yorkshire and the Humber, UK

The nursery occupies a prominent position fronting a main road within a well populated residential area, just a short drive from the main commuter route with public transport facilities and the motorway close at hand. Detached children’s day nursery...

Asking Price: £700,000
Turnover: £333,083

FREEHOLD


Bakery with Six Retail Outlets
Oxfordshire, UK Wide

Family run business since 1929. Wholesale operation and with six retail outlets. This is a retirement sale. Offers invited.

Asking Price: £1,250,000
Turnover: £2,227,689

Trio of Children's Day Nurseries
Oxfordshire, UK Wide

Three affluent trading locations. 129 places combined. One freehold and two leasehold premises. Genuine reason for sale. Offers invited.

Asking Price: £1,625,000
Turnover: £1,044,625


View more businesses for sale

News Search

Latest News

 
04
 
Jun
 

Frankie & Benny’s owner to permanently close 120 restaurants | BUSINESS NEWS

The Restaurant Group, which owns chains including Frankie & ...

 
03
 
Jun
 

28 Oddbins stores saved after acquisition by unnamed buyer | BUSINESS SALE

28 Oddbins stores will remain open after the off-licence ret...

 
02
 
Jun
 

Topps Tiles agrees sale and leaseback of HQ and warehouses | COMMERCIAL PROPERTY

Tile retailer Topps Tiles has agreed the £18.1 million...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
15
 
Jan
 

Hawk Plant enters administration | ADMINISTRATION

The Shropshire company, that has previously undertaken landm...

 
06
 
Nov
 

Butcher chain falls into administration | ADMINISTRATION

Yorkshire-based butcher chain Crawshaw has fallen into admin...

 
05
 
Oct
 

Poultry producer put up for sale | BUSINESS SALE

Banham Poultry, based in Attleborough, Norfolk has been put ...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources