{"id":2026771,"date":"2019-02-24T21:10:28","date_gmt":"2019-02-24T21:10:28","guid":{"rendered":"http:\/\/www.thebusinessdesk.com\/westmidlands\/?p=2026771"},"modified":"2019-02-25T06:14:51","modified_gmt":"2019-02-25T06:14:51","slug":"collapsed-plant-hire-firm-owed-50m","status":"publish","type":"post","link":"https:\/\/www.thebusinessdesk.com\/westmidlands\/news\/2026771-collapsed-plant-hire-firm-owed-50m","title":{"rendered":"Collapsed plant hire firm owed \u00a350m"},"content":{"rendered":"

Hawk Plant (UK)\u00a0 had debts of more than \u00a350m when the group collapsed into administration last month.<\/p>\n

New documents have detailed how the plant hire group’s funders have borne the brunt of the losses.<\/p>\n

Asset-based lender Wells Fargo is owed \u00a329.4m and alternative funder Aurelius Finance \u00a36.0m. Business Growth Fund (BGF) is owed \u00a310.6m, although only \u00a31.5m is subject to a floating charge.<\/p>\n

Administrators from EY – Sam Woodward, Alex Williams and Hunter Kelly – have initially estimated Hawk Plant’s deficit to be \u00a352.6m.<\/p>\n

They have previously highlighted “the group\u2019s funding structure, with significant hire purchase and finance lease commitments” as putting pressure on the group’s cashflow “at a time that asset utilisation was comparatively low”.<\/p>\n

Hawk Plant employed 420 people when it collapsed, and so far has claims from staff totalling \u00a3540,000.<\/p>\n

However, administrators were appointed on January 14 to Hawk Plant (UK) and five of its subsidiaries<\/a> – Hawk Plant Hire, Hawk Hire, Safety and Training, Hawk Plant, and Hawk Plant Sales.<\/p>\n

Some 83 jobs were cut immediately by administrators but more than 100 jobs were saved when Plantforce Rentals agreed a deal to take over Hawk Plant’s work at EDF\u2019s Hinkley Point C nuclear plant<\/a>.<\/p>\n

Hawk Plant had previously enjoyed a period of strong growth and was backed by \u00a38m from BGF three years ago.<\/p>\n

BGF created a charge against the company on Christmas Eve, just weeks after an intercreditor agreement had been lodged by Aurelius Finance, creating a debenture against some of the group\u2019s assets.<\/p>\n

Aurelius had control of blocked bank accounts and oversight of four of the group\u2019s major contracts.<\/p>\n

These included its work on Hinkley Point C nuclear power station, the Lincoln Eastern Bypass, the Integra 61 development in Durham, and a contract with St Modwen.<\/p>\n","protected":false},"excerpt":{"rendered":"

420 people worked for group when it entered administration<\/p>\n","protected":false},"author":18,"featured_media":2025340,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"coauthors":[81],"class_list":["post-2026771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","tag-top-story"],"yoast_head":"\nCollapsed plant hire group Hawk Plant (UK) owed \u00a350m, administrators reveal | TheBusinessDesk.com<\/title>\n<meta name=\"description\" content=\"New documents have detailed how Hawk's funders Wells Fargo, Business Growth Fund and Aurelius Finance have borne the brunt of the losses.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thebusinessdesk.com\/westmidlands\/news\/2026771-collapsed-plant-hire-firm-owed-50m\" \/>\n<meta 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