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.
View the latest distressed UK businesses here.
View recent UK administrations.
Premier provider of carpentry and joinery in London and counties, catering to a diverse clientele encompassing luxury and mid-range property developers, main contractors, and discerning private clients.
This successful electrical services business consists of four core sectors: the first provides Commercial Electrics; the second is Electric Vehicle charging point supplier & installer, the third core sector is Domestic Electrical works and the fourth...
The company offers a wide range of gardening services, including tree surgery, fencing and landscaping, garden and grounds maintenance, as well as the resale of plants and materials, and sundries. Their diverse service offering caters to both B2C and...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.