Shropshire Star

Shrewsbury crane firm Hoistquip collapsed with debts of £1.2m

Shropshire crane building company Hoistquip collapsed into administration with debts of more than £1.18 million, new figures have revealed.

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The Shrewsbury-based firm folded last month, leading to 11 members of staff losing their jobs.

But the goodwill and assets of the company have now been bought by Telford firm SP Holding, with all members of staff, including the former managing director Jonathan Clarke, re-employed.

A list of creditors, seen by the Shropshire Star, has now revealed the extent of the company's debts. Lloyds TSB Bank was the company's biggest creditor and was owed £164,726, while its commercial finance division was due a further £80,555.64.

Employees were due £46,852 at the time of the company's collapse, and HM Revenue and Customs was owed £115,331.

In total, 57 different companies in Shropshire and Telford & Wrekin alone were owed money, varying in value from 2p to £136,800, which was owed to one steel fabrication company.

Shropshire Council was owed £39,419. Overall, 142 different businesses and organisations were owed money by the firm when it collapsed. After all necessary payments, including preferred and secured creditors and to the administrators themselves, Hoistquip's assets look set to fall short of its debts by £1.08 million.

At the time it entered administration, RSM Tenon's joint administrator Nicholas Lee said buyers were being sought for Hoistquip's remaining assets and goodwill, and after another company's bid failed, SP Holding has stepped in with a £61,000 deal.

Managing director Steve Holding said the acquisition would see Hoistquip relocated to its fabrication department in Telford, and that he would be monitoring the operations of his group's new subsidiary.

The move has involved an investment of around £100,000, he said, and added he was pleased with its early trading performance since restarting two weeks ago.

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