Thu, 19 May 2011 | ADMINISTRATION
Administrators are undertaking a major restructuring of plant and tool rental business Hiremee, as part of their bid to find a buyer for the company and sell it as a going concern.
Jason Baker and Geoff Rowley, partners at restructuring specialist FRP Advisory, have been appointed as joint administrators for the company. It was put into administration by its directors this week, who viewed the action as the best route to safeguarding the business's future.
Upon their appointment Baker and Rowley made six staff redundant, but retained fourteen, indicating significant confidence in the company's potential for staying in business, providing that it operates under a remedied structure.
Baker said that Hiremee, which operates from headquarters in Royston, Hertfordshire, had a lot of positives going for it, including a loyal client base and strong goodwill.
"A downturn in the construction industry has led to fewer businesses needing to hire equipment from Hiremee so, despite an excellent reputation amongst its customer base, this has led to cash flow difficulties," he said. "The decline in liquidity also made it harder for Hiremee to pay back the large amount of debt it had taken on to fund growth."
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