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.
This company specialises in supplying the highest quality natural stone products, offering a complete turnkey solution to its customers from sourcing, through to processing, design and final distribution and delivery. Offers invited.
RELOCATABLE
Precision Engineering Business for sale operating with a modern, well equipped machine shop, offering Engineering Development Modelling (EDM), CNC turning & milling, grinding, boring and fitting. Offers invited.
LEASEHOLD
High quality practice with strong middle management on the market for the first time. Established: 25 to 30 years. Strong middle-tier management to support acquirer throughout the transition period and on an ongoing basis. Locations: Cheshire, Mersey...
|
20
|
|
Sep
|
Thomas Cook seeking 'last-ditch' fire sale | BUSINESS SALE
Thomas Cook Group is reportedly trying to piece together a l...
|
19
|
|
Sep
|
Smith & Williamson and Tilney to merge | MERGER
After revealing in August this year that talks were in place...
|
18
|
|
Sep
|
Infrastructure investment manager takes stake in LJLA | BUSINESS SALE
Infrastructure investment management group, Ancala Partners,...
Sign up to receive our acquisition alert emails to get your FREE guide
|
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 ...
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