Mon, 21 Nov 2016 | ADMINISTRATION
Hewden, the Manchester-based plant, crane and equipment hire firm, is reported to be on the verge of administration, putting more than 700 jobs at risk.
According to Sky News the company, one of the biggest of its kind in the UK, is on the brink of collapse following a sharp drop in trading driven by the EU referendum result.
Its owners, investment firm Sun Capital Partners, have called in administrators Ernst & Young (EY).
The firm has been trying to find new backers, saying in a statement last month: "Hewden has been impacted by market uncertainty following the vote to leave the EU. The vote has adversely affected a number of large construction and capital investment projects.
"The company is in constructive dialogue with stakeholders to resolve the situation in a consensual manner and is optimistic that a positive solution will be found.
"The company is working with its advisers Deloitte to reach agreement with lenders on an extension of its debt facilities, whilst also testing market appetite for a sale of the business."
Sources said although talks with possible backers had so far proved fruitless, there was still hope a buyer could be found when it enters administration.
Hewden, established in 1961, rents machinery like cranes and excavators to construction sites.
People familiar with the situation say an announcement about EY’s appointment is to be made soon.
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