All twelve jobs have been saved at a Scunthorpe powered access provider after it was sold out of administration.
Last month, Julian Pitts and Andrew Mackenzie of Begbies Traynor were appointed as joint administrators of Lincs Lifts. Now, Vertikal UK has now acquired the business and assets, safeguarding all jobs.
Lincs Lifts – a national powered access and telehandler hire provider – had invested in a large fleet of equipment that incurred significant overheads and it then suffered from a downturn in the construction industry which resulted in a fall in the hiring of equipment.
This was exacerbated by the lockdown and the company was then mothballed and the 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. Several expressions of interest were received, mainly for the purchase of the assets of the company.
The joint administrators were able to complete a sale of the business, including goodwill and intellectual property, on 20th May with all 12 employees transferring to the purchaser.
The sale was completed with the help of a team of professionals including agents Eddisons Commercial Limited, and solicitors MRC Legal in Leeds.
“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,” said Mr Pitts.