83 jobs lost as Shropshire plant hire firm goes into administration
More than 80 jobs have been lost after one of the UK’s largest independent plant hire companies, based in Shropshire, entered administration.
Hawk Plant (UK) and five of its subsidiaries are now under the control of administrators Sam Woodward, Alex Williams and Hunter Kelly from EY’s restructuring team.
The group, based in Prees, had is one of the largest independent plant hire companies in the UK, with a turnover of £93.5m in the financial year to the end of December 2017.
It has more than 40 years of experience in the plant hire industry, with its customer base primarily spanning the infrastructure, energy and homebuilding markets.
Joint administrator Sam Woodward said: “The group’s cashflow had been impacted by a number of historical problematic contracts and a delay in the commencement of anticipated projects.
“Coupled with this, 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.”
On appointment of the administrators, 83 of the group’s 420 employees were made redundant.
A buyer is now being sought for the company.