Jobs saved with sale of powered access provider
A Scunthorpe-based business which had gone into administration has been bought – saving all 12 jobs at the firm.
On 15 April 2020, Julian Pitts and Andrew Mackenzie of Begbies Traynor were appointed as joint administrators of Lincs Lifts Ltd in Scunthorpe. Vertikal UK Limited has now acquired the business and its assets.
Lincs Lifts is a national powered access and telehandler hire provider, offering a variety of lifting equipment including cherry pickers, scissors lifts, boom lifts, telehandlers, towable lifts and other powered access platforms across the UK and Ireland.
The company also provides a range of professional training courses such as IPAF training to ensure the safe operation of the access platforms.
Lincs Lifts had invested in a large fleet of equipment which incurred significant overheads and it then suffered from a downturn in the construction industry which resulted in a fall in the hiring of equipment.
Its problems were exacerbated by the lockdown. The company was then mothballed and its employees were subsequently furloughed.
The joint administrators carried out an accelerated marketing process prior to their appointment and continued to market the business for sale following their appointment.
They were able to complete a sale of the business, including goodwill and intellectual property, on 20 May with all 12 employees transferring to the purchaser.
A team of professionals, including agents Eddisons Commercial Limited, and solicitors MRC Legal in Leeds, helped to complete the deal.
Joint administrator Julian Pitts said: “It’s very good news for the employees, suppliers and customers that we have been able to find a buyer who will continue to trade it as a business. We wish it every success for the future.”