Construction Enquirer Administrators are looking for a buyer after owner calls it a day
East Anglian crane and plant hirer Quinto is entering administration with the loss of 50 jobs.
Administrators from Price Bailey are seeking a buyer for the business in its entirety, or for individual assets.
In last published accounts, the firm reported revenues of over £8m, with a pre-tax loss of £568,000. Total assets were just over £11.1m, with a tangible net worth of £3.6m.
The Norwich-based firm traces its origins back to 1966, making it one of the oldest crane and plant hirers in the country.
Ivor Kiddle, who bought the business in 1977 in a management buy-out from RMC, sold the business to agricultural contractor Oliver Arnold in 2014.
Matt Howard, Head of Insolvency & Recovery at Price Bailey, said: “The director has taken the difficult decision for Quinto Crane and Plant to cease trading with immediate effect.
“We have been instructed to assist with the administration, which will include seeking a buyer for the whole business or the individual assets.”
“Like many businesses in the construction industry Quinto has suffered from adverse economic headwinds.
“Brexit, the lockdowns, and the recent spike in diesel prices have all come together to erode what were already tight margins. The market is extremely challenging for crane and plant hire businesses, but Quinto has a long-standing reputation and presence, which makes us hopeful of finding a buyer.”
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