Friday, July 10, 2020

Jobs saved as Scunthorpe business acquired out of administration

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.

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 lockdown having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £31.50 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.




Latest news

Regeneration proposals to be developed for Goole

East Riding of Yorkshire Council's Cabinet has confirmed support for developing a Town Deal for Goole. Councillors have agreed to press ahead with preparation of...

University Centre completes in Grantham

Work to create a University Centre to deliver higher education and skills training in Grantham is now complete. Degrees, high-level apprenticeships, diplomas and short courses...

IPF ‘very encouraged’ by firm’s improving performance

International Personal Finance (IPF), a Leeds-based consumer credit firm, has reported an uptick in collections in the wake of the coronavirus crisis. Collections reached 88%...

Sheffield’s Heart of the City II moves forward

Sheffield’s ongoing Heart of the City II scheme is moving forward as the city council pledges “exemplary ethical and sustainability standards” whilst also opening...

350 jobs on the line at Arup

Arup, which has offices in Leeds, Sheffield and York, is set to cut 350 jobs. The engineering and design consultancy's redundancies come as a result...

Leeds RICS office to close

The Royal Institute of Chartered Surveyors (RICS) is closing its Leeds office according to reports in Property Week. Other offices set to shut are in...

Related news

Regeneration proposals to be developed for Goole

East Riding of Yorkshire Council's Cabinet has confirmed support for developing a Town Deal for Goole. Councillors have agreed to press ahead with preparation of...

University Centre completes in Grantham

Work to create a University Centre to deliver higher education and skills training in Grantham is now complete. Degrees, high-level apprenticeships, diplomas and short courses...

IPF ‘very encouraged’ by firm’s improving performance

International Personal Finance (IPF), a Leeds-based consumer credit firm, has reported an uptick in collections in the wake of the coronavirus crisis. Collections reached 88%...

Sheffield’s Heart of the City II moves forward

Sheffield’s ongoing Heart of the City II scheme is moving forward as the city council pledges “exemplary ethical and sustainability standards” whilst also opening...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close