The Manchester-based companies, Hewden Stuart, Hewden Properties, Interlift and The Rigging Horse have gone into administration as a result of ‘market uncertainty’ after Brexit. A statement was made in October about the ongoing financial issues since the EU referendum vote, stressing the vote to leave the EU had ‘adversely affected’ a number of construction projects.
The private equity owner of the group, Sun Capital Partners, has tried to find investors since cash flow problems arose. However, joint administrators Sam Woodward and Colin Dempster from Ernst Young have now been appointed to oversee the process and will attempt to find a suitable buyer for the group.
The group supplied plant machinery, generators and cranes to construction companies across the UK, operating from 40 depots.
Joint administrator, Sam Woodward, said “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”.
“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.”
Ashtead Plant Hire Company has bought three divisions of the business and the Hewden name for £29 million, saving 133 jobs.
If you are an employee of the business, please listen to the video below as it will tell you your rights as an employee of an insolvent business. There is a link at the end of the video to the Government website which expands further on what you need to know. We are not involved in the administration and questions should be directed to EY who are handling the administration.