Machinery rental firm Hewden ‘on brink of administration’

Mon, 21 Nov 2016 | ADMINISTRATION

Hewden, the Manchester-based plant, crane and equipment hire firm, is reported to be on the verge of administration, putting more than 700 jobs at risk.

According to Sky News the company, one of the biggest of its kind in the UK, is on the brink of collapse following a sharp drop in trading driven by the EU referendum result.

Its owners, investment firm Sun Capital Partners, have called in administrators Ernst & Young (EY).

The firm has been trying to find new backers, saying in a statement last month: "Hewden has been impacted by market uncertainty following the vote to leave the EU. The vote has adversely affected a number of large construction and capital investment projects.

"The company is in constructive dialogue with stakeholders to resolve the situation in a consensual manner and is optimistic that a positive solution will be found.

"The company is working with its advisers Deloitte to reach agreement with lenders on an extension of its debt facilities, whilst also testing market appetite for a sale of the business."

Sources said although talks with possible backers had so far proved fruitless, there was still hope a buyer could be found when it enters administration.

Hewden, established in 1961, rents machinery like cranes and excavators to construction sites.

People familiar with the situation say an announcement about EY’s appointment is to be made soon.

Find services businesses for sale.


Share this article



Latest Businesses for Sale

Print & Embroidery Business
Cambridgeshire, East of England, UK

Operating in excess of 30 years print and embroidery specialists. This is a retirement sale. Offers invited.

Asking Price: £750,000
Turnover: £1,500,000

LEASEHOLD


Large Property Portfolio Business
East Riding of Yorkshire, Yorkshire and the Humber, UK

Large property portfolio. All properties are residential. All properties are in good order. Situated in a compact geographical area. Offers invited.

Asking Price: £6,000,000
Turnover: £480,000

Showhome Interior Designers & Furnishers
Cambridgeshire, UK Wide

Established 1981. Enviable reputation. Fantastic trading location. Semi-retirement sale. Offers invited.

Asking Price: £775,000
Turnover: £1,269,946

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
17
 
Jul
 

Preston caravan manufacturer seeks buyer following administration | ADMINISTRATION

A caravan manufacturing business in Preston is on the lookou...

 
16
 
Jul
 

Farsound Aviation sold to AGIC for £115 million | BUSINESS SALE

A supply chain management company operating in the aviation ...

 
15
 
Jul
 

Specialist engineering firm forced to appoint administrators | ADMINISTRATION

Rail contracting company Aspin Group Limited has been forced...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
23
 
Nov
 

Machinery hire firm Hewden collapses into administration | ADMINISTRATION

Administrators are looking for buyers for the remainder of t...

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