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SFP assists with closure of Rampling Plant Hire Limited PDF Print E-mail
Wednesday, 09 September 2015

The nationwide insolvency practitioners, SFP is in the process of completing a sale of the assets of Colchester-based Rampling Plant Hire Limited.

Established in 2004 as a hire company for large plant and equipment used predominantly in maintaining flood defences, most of its work was carried out for the Environment Agency.
 
The Company reinvested significant funds in anticipation of a growth in workload that did not materialise, exacerbating existing cash flow problems.
 
The continued cash flow problems resulted in arrears to Her Majesty Revenue and Customs (HMRC) along with several other creditors including lease companies that then filed County Court Judgments (CCJ).
 
Simon Plant and Daniel Plant of SFP – both licenced by the Insolvency Practitioners Association – were appointed as Administrators of Rampling Plant Hire on 24th August 2015, by one of the secured creditors.
 
Simon Plant, Director at SFP says substantial work has been carried out to minimise losses as a going concern sale was not achievable: “Due to the sheer number of lease and hire purchase agreements in place, and the various locations where assets were held, the closure of the business required significant thought and planning. Given the niche nature of the Company’s operation, a going concern sale was not achievable. 
 
“Accordingly, the focus was therefore to liaise with more than 15 finance companies to assist in repatriating in excess of £1m of financed goods, as well as the sale of unencumbered assets which remains ongoing,” he concludes.

(Source - SFP Press Release)
 

 

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