In a letter to creditors this week, joint administrator Sam Woodward said that there was no prospect of any funds becoming available to unsecured creditors.
Hewden had tried and failed to find a buyer for its powered access hire division in summer 2016 to reduce its debt burden.
Hewden鈥檚 lenders, exposed to the tune of 拢155.3m, first brought in accountants from EY in September 2016 to explore options when covenants were breached. Meanwhile, in October, Hewden鈥檚 management brought in Deloitte to try to sell the business 鈥� 14 potential buyers were approached, mainly private equity houses and distressed investors, but no deal reached.
As Hewden鈥檚 finances continued to deteriorate through the autumn, EY was appointed to accelerate the disposal process on 7th November 2016. It soon became apparent that none of the interested parties were in a position to table a proposal to keep the business going and so it was placed into administration on 22nd November 2016.
A-Plant paid 拢17.9m for Hewden鈥檚 access business, 拢2m for the the Interlift lifting and materials handling business, 拢9m for the on-site/industrial plant business and 拢500,000 for the brand name.
The sale of eight depots to Morris Leslie, JK Ashbrook, GAP and Nixon Hire has collectively raised 拢28.9m.
Assets with a net book value of 拢62.4m (including 拢24.9m of cranes) remain and are being sent to auction, with the expectation of realising at least 拢50m.
Hewden's finances
|
拢000 |
FY2011 |
FY2012 |
FY2013 |
FY2014 |
FY2015 |
FY2016 Forecast |
|
Revenue |
119,497 |
101,856 |
95,391 |
90,812 |
83,788 |
84,100 |
|
Ebitda |
36,011 |
32,772 |
26,011 |
23,952 |
26,754 |
15,600 |
|
Interest & fees |
(3,213) |
(5,928) |
(7,893) |
(9,700) |
(12,500) |
(13,400) |
.gif)
