But 133 jobs saved as parts of business sold to rival A-Plant Hire
Crane hire firm Hewden has gone into administration with 251 job losses.
However, 133 jobs have been saved - around a sixth of the collapsed firm’s 750-strong workforce - after rival rental firm A-Plant Hire acquired three of the Hewden Group’s divisions through administrators EY.
EY said Hewden encountered funding difficulties after reshaping unsuccessfully to focus on higher margin work with quicker financial returns.
Sam Woodward, joint administrator of the group, said: “Management recently undertook a number of initiatives including approaching new funders and potential acquirers to recapitalise the business, but unfortunately these efforts proved unsuccessful.”
Any parties interested in acquiring other assets of the group should contact the joint administrators. The administrators are being advised by Addleshaw Goddard.