Tue, 07 May 2024 | BUSINESS SALE
A Leicestershire-based supplier of specialist plant and vehicle hire to local authorities and the private sector has been acquired out of administration. Go Plant Limited and Go Plant Fleet Services filed a notice of intention to appoint administrators (NOI) on May 2.
The following day, Mike Denny and Jonny Marston of Alvarez & Marsal were appointed as joint administrators of the Bardon Hill-based group. The joint administrators subsequently completed the sale of several depots owned by Go Plant Limited to companies owned by Berkshire-based Sweeptech Environmental Services.
The deal has secured the future of these sites, along with 116 jobs, but the remaining sites were closed following the appointment of administrators as no buyer could be found, leading to an undisclosed number of redundancies.
Mike Denny, joint administrator and Managing Director at Alvarez and Marsal, commented: “The companies had been heavily impacted by challenging market conditions, in particular cost pressures and a subdued UK house building market.”
Denny continued: “We are delighted to have completed a sale of certain depots across the north of England to a strategic buyer, preserving substantial employment. We will work closely to support those unfortunately made redundant following the appointment of administrators.”
Go Plant is one of the UK’s leading suppliers of fleet servicing and maintenance solutions, providing services including waste management and road sweeper hire. In the company’s financial accounts for the year to the end of June 2022, it reported turnover of close to £45 million, but fell to an operating loss of £3.2 million. At the time, the company employed more than 400 staff.
Announcing the acquisition, Sweeptech said that the deal solidifies its “position as the sole national provider of road sweeping and waste management services” and aligns with its strategy of providing national coverage. Following the deal, Sweeptech said that its network of depots now spans the North East, Yorkshire, North West, Midlands, London, South and South East.
Martin Smith, CEO of Sweeptech, said: “We are thrilled to announce the acquisition of Go Plant, which marks a significant milestone in our journey towards becoming a truly national waste management company. This strategic move not only enhances our ability to serve our customers with excellence but also underscores our unwavering commitment to environmental sustainability and regulatory compliance.”
The number of UK companies in significant financial distress was up 30 per cent in Q1 2024
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