Hewden Stuart goes into administration
Plant hire firm Hewden Stuart has entered administration resulting in the loss of 251 jobs.
Hewden recently reported a pre-tax loss of £16.6 for the 2014 year to December and after failing to secure new funding they called in administrators.
Sam Woodward and Colin Dempster of EY’s restructuring team were today appointed Joint Administrators to Hewden Stuart Ltd, Hewden Properties Ltd, Interlift Ltd and The Rigging House Ltd.
On appointment 251 employees were made redundant across the company’s 32 UK depot and on-site locations.
Joint administrator 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."
He added: “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.”
Hewden Stuart, who are subsidiary of Manchester-based Zeus Topco III Ltd, reported in most recent accounts that annual revenues had dipped 3% to £105.9 million.
Losses increased to £16.6 million from a £13 million pre-tax loss in 2013 year and a £12.2 million loss in 2012.