Sale saves 133 jobs at machinery specialist
THE sale of three divisions of a heavy machinery specialist Hewden has saved the jobs of 133 staff.
Hewden, which has a major depot in Castleford, appointed administrators from EY’s restructuring team today (22 November).
A total of 251 jobs were at risk, but a sale of three divisions to Ashtead Plant Hire Company, based in Warrington, has saved the jobs of 133 staff.
Sam Woodward and Colin Dempster of EY completed the sale to the the business of Hewden’s access and power generation assets, the on-site plant business and the business and assets of Interlift Ltd.
Mr Woodward said: “Management has been attempting to operationally reshape the business to focus on higher margin and quicker returning assets and services.
“However, this has proven challenging with the group’s capital structure and the recent trading environment.
“Management recently undertook a number of initiatives including approaching new funders and potential acquirers to recapitalise the business, but unfortunately these efforts proved unsuccessful.”
Ashtead Plant Hire was advised by a team from Squire Patton Boggs, including John Alderton, Jenny Jones, Charlie Draper and Matthew Lewis.
