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FRP Advisory appointed Administrators to Hiremee Ltd

18 May 2011

Tool and plant hire supplier continues to trade 

Jason Baker and Geoff Rowley, partners at specialist restructuring, recovery and insolvency firm, FRP Advisory LLP, were appointed on 18 May 2011 as Joint Administrators to Hiremee Ltd, a plant and tool hire provider.    

Established in 1976, Hiremee is based at three depots in Royston, Bishops Stortford and Ware in Hertfordshire. It supplies a variety of equipment – such as large machinery, tools, clothing and lighting – to customers ranging from individuals interested in DIY to large construction firms. The company mostly hires equipment to local businesses in Hertfordshire, Cambridgeshire and Essex and receives a high level of repeat custom. 

Commenting on the appointment, Jason said: "A downturn in the construction industry has led to fewer businesses needing to hire equipment from Hiremee – so, despite an excellent reputation amongst its customer base, this has led to cash flow difficulties. The decline in liquidity also made it harder for Hiremee to pay back the large amount of debt it had taken on to fund growth." 

Hiremee will continue to trade, while its business, goodwill and assets are for sale. The Joint Administrators have, however, regrettably had to immediately make 6 of the 20 members of staff redundant.

Jason added: "Having investigated all options with Hiremee's director, it was concluded that entering administration would be the best route to safeguarding the value of the business. We are now trading Hiremee as a going concern, with a view to identifying potential buyers for its business and assets and securing a sale as quickly as possible." 

Interested parties should contact Miles Needham 07940 755 740 or email using the online form below.   

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