More than 100 jobs saved as stricken plant and vehicle hire group sold

One of the UK’s largest suppliers of specialist vehicle hire to local authorities and the private sector has been sold in a pre-pack deal, saving 116 jobs.

Go Plant Limited and Go Plant Fleet Services, which are based in Bardon Hill, Leicestershire, had posted a notice of intention to appoint administrators via law firm Squire Patton Boggs last Thursday (May 2).

Then, on Friday afternoon Mike Denny and Jonny Marston of professional services firm Alvarez & Marsal Europe were appointed as joint administrators of the firms.

The pair completed the sale of a number of depots owned by Go Plant Limited to companies owned by Sweeptech Environmental Services, based in Berkshire, securing the future of the sites and saving 116 jobs. However,  no buyer could be found for the remaining depots owned by Go Plant Limited and these sites were closed on appointment, resulting in an undisclosed number of redundancies.

According to Go Plant’s latest available results, made up to the end of June 2022, the firm employed over 400 people. At the time, it turned over almost £45m. The company made an operating loss of over £3.2m for the period.

In the year ending March 31, Sweeptech turned over £11.1m – up 14% from 2022 – and made a modest profit of £70,541.

Mike Denny, managing director at Alvarez and Marsal, said: The companies had been heavily impacted by challenging market conditions, in particular cost pressures and a subdued UK house building market. 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.”