EY appointed Administrators of Hewden Stuart Limited, Hewden Properties Limited, Interlift Limited, The Rigging House Limited
22 November 2016
Sam Woodward and Colin Dempster of EY’s Restructuring team were today appointed Joint Administrators of Hewden Stuart Limited, Hewden Properties Limited, Interlift Limited and The Rigging House Limited (together ‘the Group’), a Manchester-based plant hire business.
Sam Woodward, Joint Administrator of the Group, commented: “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.”
Three divisions of the Group have been sold today to Ashtead Plant Hire Company Limited – the Access and Power generation assets, the On-site plant business and the business and assets of Interlift Limited. A total of 133 employees will transfer across with the businesses.
Woodward continued: “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.”
On appointment of the Administrators, a total of 251 employees were made redundant across the Company’s depot and on-site locations.
Employees affected by redundancy are being offered appropriate advice and support in making claims from the Redundancy Payments Office for outstanding wages, as well as redundancy and notice pay.
Woodward concluded: “It is with regret that 251 people have been made redundant. Our specialist team will work with those affected to help them claim outstanding wages and other payments due from the Redundancy Payments Office.”
Any parties interested in acquiring assets of the Group should contact the Joint Administrators.
The administrators are being advised by Addleshaw Goddard.