Sam Woodward, Alex Williams and Hunter Kelly of EY’s restructuring team have been appointed Joint Administrators of Hawk Plant (UK) Limited and its subsidiaries Hawk Plant Hire Limited, Hawk Hire Limited, Safety and Training Limited, Hawk Plant Limited, and Hawk Plant Sales Limited.
The plant hire company has more than 40 years of experience in the plant hire industry, with its customer base primarily spanning the infrastructure, energy and homebuilding markets.
On appointment of the administrators, 83 of the group’s c.420 employees were made redundant.
Subsidiary Enverity Ltd, however, the ground survey and sight inspection business based in Newark, which employs an additional 20+ staff, remains solvent and unaffected by the administration.
Sam Woodward, Joint Administrator, said: “The Group’s cashflow had been impacted by a number of historical problematic contracts and a delay in the commencement of anticipated projects. Coupled with this, the Group’s funding structure, with significant hire purchase and finance lease commitments put pressure on the cashflow at a time that asset utilisation was comparatively low.
“We will now begin the process of seeking to find a suitable buyer for Hawk, to ensure the best possible outcome for all of the Group’s stakeholders. In the meantime, we will seek to minimise the impact on the customer base by keeping assets on hire and maintaining service levels.”
Woodward concluded: “It is with regret that 83 people have been made redundant. Our specialist team will work with those affected to help them claim outstanding wages and other payments due from the Redundancy Payments Office.”