Tue, 03 May 2022 | ADMINISTRATION
Norwich-based Quinto Crane and Plant Hire has fallen into administration, with administrators from Price Bailey now seeking a buyer for the firm. The company had come under pressure due to issues including Brexit and COVID-19, with the end of the red diesel rebate cited as the final straw for the business.
The company, which dates back to 1966, is among the UK’s oldest crane and plant hire firms and, in addition to its Norwich base, has several sites throughout East Anglia. Originally trading as Pointer Cranes, it was renamed Quinto following a management buyout in 1977. The firm has gone through several acquisitions, most recently in 2014.
In its most recent financial accounts, for the 18 months ending September 30 2020, the company recorded turnover of £8 million, compared to £6.2 million in the year to March 31 2019. The company’s post-tax losses also grew in this period, going from £265,611 in 2019 to £485,448 in 2020.
At the time, the company’s fixed assets were valued at £7 million, with current assets of £4 million and net assets amounting to £3.5 million.
Commenting on the process, Price Bailey’s Head of Insolvency & Recovery, Matt Howard said: “The director has taken the difficult decision for Quinto Crane & Plant Ltd to cease trading with immediate effect. We have been instructed to assist with the administration, which will include seeking a buyer for the whole business or the individual assets.”
“Like many businesses in the construction industry Quinto has suffered from adverse economic headwinds. Brexit, the lockdowns, and the recent spike in diesel prices have all come together to erode what were already tight margins. The market is extremely challenging for crane and plant hire businesses, but Quinto has a long-standing reputation and presence, which makes us hopeful of finding a buyer.”
The company’s administration comes at a time when insolvencies are rising sharply in the UK following the end of COVID-19-related government support and protection measures for businesses. Companies in the construction sector are among those worst affected.
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